The labor-force participation rate measures the percentage of the adult population currently in the labor force
a. True
b. False
Indicate whether the statement is true or false
True
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The average price of gasoline in your neighborhood is $2.15 per gallon
Your neighbor, Diana tells you that you can "save a lot" by frequenting a gas station 20 miles outside your neighborhood where the price of gasoline is $2.06 per gallon However, she cautions you that there are usually long lines at that station. Is her suggestion beneficial to you? A) No, my friend is misled; clearly, the lower-priced gasoline must be of inferior quality and could damage vehicles. B) No, if one factors in the non-monetary opportunity costs (driving time and waiting in line), it could prove more costly to go to the lower-priced gasoline station. C) Yes, the lower price of gasoline at the rival station increases my purchasing power and enables me to consume more of other goods. D) Yes, since gasoline is a necessity for car owners, the total cost savings would be relatively substantial.
Suppose a firm has multiproduct cost function that is additive such that C(q1,q2 ) = C(q1 ) + C(q2 ). What is the degree of economies of scope (SC) for this firm?
A) 2 B) 1 C) Zero D) Negative
Suppose that a vaccine is developed for a highly contagious strain of flu. The likelihood that anyone will get this flu decreases as more people receive the vaccine. One of the demand curves below represents the private demand for the vaccine and the other represents the social demand for the vaccine.
The private demand for the vaccine is given by ________, and social demand for the vaccine is given by ________.
A. D2; MC B. D2; D1 C. D1; MC D. D1; D2
Other things equal, the monopsonistic employer will pay a:
A. lower wage rate and hire fewer workers than will a purely competitive employer. B. higher wage rate but hire fewer workers than will a purely competitive employer. C. lower wage rate but hire a larger number of workers than will a purely competitive employer. D. higher wage rate and hire a larger number of workers than will a purely competitive employer.