Sophia is tending to her home garden while awaiting recall from her seasonal part-time job. The Bureau of Labor Statistics would classify Sophia as
a. not in the labor force.
b. employed.
c. unemployed.
d. employed as a household worker.
C
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A person's real income will increase by 3% if her nominal income increases by
A. 5% while the price index falls by 2%. B. 5% while the price index rises by 2%. C. 2% while the price index falls by 5%. D. 2% while the price index rises by 5%.
A cartel is a group of firms that: a. agree to increase industry output in order to boost profits
b. agree to restrict industry output in order to boost profits. c. agree to differentiate their products from one another. d. together control a significant portion of an industry's output, but fail to consider the behavior of rivals when making decisions.
In cartels, the reason that the monopoly output is unstable is due to the factors that are present in a prisoner's dilemma
a. True b. False Indicate whether the statement is true or false
Ted's Pancake Kitchen suffers a short-run loss. When should Ted decide to shut down rather than continue to produce?
A) if his Pancake Kitchen's revenue is less than its variable costs B) if his Pancake Kitchen's revenue is less than its fixed costs C) if his Pancake Kitchen's revenue is less than its explicit costs D) if his Pancake Kitchen's revenue is less than its total costs