Economists define the labor force to include
A) people who are working.
B) only people who are working full time.
C) people who are not working but are actively looking for a job, and people who are working.
D) all individuals of working age, regardless of whether they are working or looking for a job.
C
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The income elasticity of demand for jewelry is 2. Other things equal, a 10% increase in consumer income will ________ the quantity of jewelry demanded by ________
A. decrease; 5%. B. increase; 5%. C. increase; 20%. D. decrease; 20%.
A perfectly competitive firm in a constant-cost industry produces 1,000 units of a good at a total cost of $50,000. The prevailing market price is $48. Assuming that this firm continues to produce in the long run, what happens to output level in the long
run? A) The firm's output falls. B) The firm's output increases. C) The firm produces the same output level. D) There is insufficient information to answer the question.
The long run refers to a time period long enough for producers to
a. make partial adjustments in the resources used in production to price changes b. add more labor but not more capital to production c. add more capital but not more labor to production d. make complete adjustments in the resources used in production to price changes e. produce less in response to an increase in price The long run refers to a time period long enough for producers to
Refer to the graphs above. Suppose a firm is currently producing 500 computers per week and charging a price of $1000. What happens to the firm's inventory of computers if there is a negative demand shock and prices are flexible?
A.
The firm's inventories will not change
B.
The firm's inventories will increase by 200 computers per week
C.
The firm's inventories will decrease by 150 computers per week
D.
The firm's inventories will increase by 350 computers per week