Find the size of the labor force from the following data: frictional unemployment = 150, structural unemployment = 200, cyclical unemployment = 225, discouraged workers = 25, underemployed workers = 75, fully employed workers = 850, total population = 2,000
a. 1,425
b. 1,450
c. 1,500
d. 1,525
e. 2,000
C
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A main reason why the U.S. trade deficit grew so large from 1997 to 2000 was that
A. Congress removed all tariffs and trade restrictions on imports. B. NAFTA was introduced and Mexican exports flooded the United States. C. the international value of the dollar fell during the 1990s, which encouraged U.S. exports. D. the international value of the dollar rose in the last half of the 1990s, which encouraged U.S. imports and damaged U.S. exports.
A perfectly competitive firm earns a profit when price is
A) equal to minimum average variable cost. B) above minimum average total cost. C) equal to minimum average total cost. D) equal to minimum average fixed cost.
Break-even quantity is a point where
a. Level of profit is maximized b. Level of cost is minimized c. Only variable costs are covered d. There is neither a profit nor a loss
A local restaurant offers an "all you can eat" ribs special. You pay $11.95, and then you can eat as many servings as you desire at no additional cost. It would follow that you will stop eating when:
a. your marginal utility (or value) derived from eating another serving is zero. b. your total utility (or value) derived from all of the servings consumed just equals $11.95. c. your marginal utility (or value) derived from another serving equals $11.95. d. it is physically impossible for you to eat any more.