The primary macroeconomic cost of unemployment is
a. higher prices
b. lost leisure time
c. lost output
d. domestic violence
e. mental illness (e.g., depression)
C
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Refer to Figure 9.2. At price 0E and quantity Q*, producer surplus is the area
A) 0ACQ*. B) 0ECQ*. C) 0FCQ*. D) EFC. E) none of the above
Macroeconomic equilibrium occurs when:
a. Expected supply equals expected demand. b. Actual leakages equal expected injections. c. Actual and expected supply equals actual and depected demand and actual and expected leakages equal actual and expected injections. d. Expected amount supplied equals expected amount demanded, which means expected leakages equal expected injections. e. None of the above.
Which of the following statements best describes the price, output, and profit conditions of monopoly?
a. Price will equal marginal cost at the profit-maximizing level of output and profits will be positive in the long-run. b. Price will always equal average variable cost in the short-run and either profits or losses may result in the long run. c. All of the answers are correct. d. In the long-run, positive economic profit will be earned.
The government can facilitate the transfer of unskilled workers to high-skilled jobs by:
A. increasing tariffs to help unskilled workers. B. increasing tariffs to speed the development of jobs requiring skilled labor. C. providing assistance for education and training for unskilled workers. D. laying off skilled workers to provide jobs for unskilled workers.