Suppose there is a large number of jobs available for computer workers in California, but many such workers live in Texas, New York, and Illinois. This kind of mismatch is an example of
a. regional unemployment
b. structural unemployment
c. seasonal unemployment
d. frictional unemployment
e. cyclical unemployment
B
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Refer to Table 1-1. What is Eva's marginal benefit if she decides to stay open for two hours instead of one hour?
A) $25 B) $36 C) $60 D) $95
The variable used by economists as the best broad indicator of a nation's standard of living is
A) real GDP per person. B) real GDP. C) the capital-labor ratio. D) the capital-output ratio. E) multifactor productivity.
Discuss some of the reasons why monopoly power is considered undesirable.
What will be an ideal response?
Raiman's Shoe Repair produces custom-made shoes. When Mr. Raiman produces 12 pairs per week, the marginal cost of the 12th pair is $84, and the marginal revenue of the 12th pair is $70 . What would you advise Mr. Raiman to do?
a. shut down the business b. produce more custom-made shoes c. decrease the price d. produce fewer custom-made shoes