Mr. Kent, a middle-aged bachelor, quit his news reporter job and currently is looking for a better job. The BLS counts Mr. Kent as:
A. not in the labor force.
B. employed.
C. unemployed.
D. a discouraged worker.
C. unemployed.
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Expected value is
a. (Probability of state A+Value in state A) (Probability of state B+Value in state B) b. (Probability of state AValue in state A)+(Probability of state BValue in state B) c. (Probability of state AValue in state A)-(Probability of state BValue in state B) d. (Probability of state A-Value in state A) (Probability of state B-Value in state B)
If a farmer's opportunity cost of producing 50,000 bushels of wheat is 20,000 fewer bushels of soybeans, then her opportunity cost of producing 50,000 bushels of soybeans must also be 20,000 fewer bushels of wheat
a. True b. False Indicate whether the statement is true or false
If the quantity of a good supplied is highly sensitive to the price of the good, economists say the supply of the good is relatively
a. inelastic. b. elastic. c. robust. d. inverse.
Consider the market demand and supply given by the following: Qd=50 - P and Qs = 2.5 + 1.5P.
a) What is the equilibrium price and quantity? b) If the government sets a price floor of $25, what is the surplus/shortage? If the government buys the surplus, what would be the cost to the government?