What are the social and economic implications of unemployment? Explain
What will be an ideal response?
Economic implications: signal of economic activity and measure of the utilization of labor. Social implications: the emotional and psychological suffering that occurs as a result of being unemployed.
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What have we assumed when we conclude that a real depreciation of the currency improves the current account?
A) The volume effect outweighs the value effect. B) The value effect outweighs the volume effect. C) All else equal and the volume effect outweighs the value effect. D) All else equal and the value effect outweighs the volume effect. E) All else equal and the volume effect equals the value effect.
Based on current budget projections, in the U.S. over the next 20 years the
a. structural deficit rises will fall sharply as tax revenues rise. b. cyclical deficit will fall as the economy expands. c. structural deficit will rise sharply as a higher proportion of the population retires. d. structural deficit will fall sharply as more people enter the workforce. e. none of the above.
Many country inns shut down in the off-season because
a. the off-season market price falls below average total cost b. the off-season market price can't cover their average fixed cost c. the off-season revenue can't cover variable cost d. the off-season price is below the marginal cost of providing a room e. innkeepers are interested in maximizing revenue
A monopolist faces a demand curve given by P = 20 - Q and has total costs given by TC = Q2. By using a bit of calculus, you should be able to determine that the firm's marginal revenue is MR = 20 - 2Q and its marginal cost is MC = 2Q. What is its profit-maximizing output level?
a. 5 b. 6 c. 7 d. 8