The labor force includes people who
i. are less than 16 years of age.
ii. are in institutions.
iii. are actively seeking a job but do not have a job.
A) i, ii, and iii B) i only C) iii only D) i and ii E) i and iii
C
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A perfectly competitive firm is producing 50 units of output and selling at the market price of $23. The firm's average total cost is $20. What is the firm's economic profit?
A) $23 B) $150 C) $1,000 D) $1,150 E) $50
In oligopoly, one expects
a. frequent introduction of new or redesigned products. b. aggressive advertising campaigns. c. intense marketing research into the impact of price changes. d. All of the above are correct.
Explain why it makes a difference if consumers consider a tax cut temporary rather than permanent. What does this explanation tell us about the importance of government credibility? Put this in the context of the 2008 and 2009 tax cuts favored by President Bush and President Obama.
What will be an ideal response?
The North Korean economy is currently classified as:
A) a mixed economy. B) market capitalism. C) command socialism. D) the same kind of economy as Sweden.