Discouraged workers:
a. would increase unemployment rate if they were added to the number of unemployed workers.
b. are counted as one-half of a worker in the unemployment statistics.
c. are counted as unemployed workers when the unemployment rate is calculated.
d. are not included in the calculation of the unemployment rate, the labor force, or the working-age population
e. would decrease the unemployment rate if they were added to the number of unemployed workers.
a
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When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
Which of the following differs between a perfectly competitive market and a market with a perfectly price discriminating monopoly?
A) The amount of producer surplus B) The quantity produced C) The total surplus D) None of the above because they are all the same in a perfectly competitive market and in a market with a perfectly price discriminating monopoly.
Fixed costs are
a. costs that vary with output b. always equal to marginal costs c. costs that do not vary with output d. equal to total costs
The external cost of congestion arises because:
A. travel time increases when there are more cars on the road. B. young drivers take more driving risks than do older drivers. C. crowded highways deteriorate more quickly than do less-traveled highways. D. toll booths slow traffic.