Are jobs the key to economic progress and the achievement of high income levels?
A) Yes, when full employment is present, the income levels of the residents will be at their maximum.
B) Uncertain, jobs are the key for a market economy, but they are less important for a centrally planned economy.
C) No, the people must be employed in jobs where they are producing goods and services that are valued highly relative to cost.
D) Yes, as long as people are working, income levels will b
C) No, the people must be employed in jobs where they are producing goods and services that are valued highly relative to cost.
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Suppose the inverse supply curve in a market is Q = 6p2. If price decreases from 5 to 4, the change in producer surplus is
A) 150. B) -54. C) -6. D) -122.
In the long-run, in a monopolistically competitive market:
a. marginal revenue is greater than average revenue. b. price equals marginal cost. c. price equals minimum average total cost. d. the firms earn positive economic profits. e. resources are inefficiently allocated .
The destruction of manufacturing jobs and workers leaving their jobs to find better ones both contribute to frictional unemployment
a. True b. False Indicate whether the statement is true or false
Economics involves marginal analysis because:
A. most decisions involve changes from the present situation. B. marginal benefits always exceed marginal costs. C. marginal costs always exceed marginal benefits. D. much economic behavior is irrational.