Which of the following cause the unemployment rate as measured by the B of LS to understate the true extent of joblessness?
Answer : discouraged workers
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A person will be maximizing their utility when
A. the marginal utility of product A is greater than the price of product A. B. the price of product A is greater than the marginal utility of product A. C. the price of product A = the marginal utility of product A.
When supply is perfectly inelastic, the supply curve is
A) upward sloping but not a straight line. B) vertical. C) downward sloping. D) horizontal. E) a straight line with a 45 degree slope that goes through the origin.
In the above figure, if price is equal to P4, the firm will
A) earn positive economic profits. B) incur an economic loss. C) earn zero economic profits. D) shut down.
Which of the following statements best describes real per capita GDP in the US between 1929 and 1959?
a. It was a period of consistent increase. b. It was lower at the end of the period than the beginning because of the Great Depression. c. Although it was erratic in the early part of this period during the Great Depression, it increased consistently after World War II. d. It grew the most during World War II.