Which of the following people would be classified as unemployed?
a. A person who wants a job as a fashion model but cannot find work in that field
b. Someone who quits a part-time job to attend school full time
c. Someone who does not have a job and gives up looking for one
d. A person who works at a job that underutilizes his or her skills
e. A person who works part-time and would rather work full time
a
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The cartel of oil-producing nations (OPEC) once controlled about 80% of the world petroleum market, but OPEC's market share has declined to about half of its former level. This outcome is a good example of how firms may have:
A) relatively high short-run monopoly power that strengthens in the long run. B) relatively high short-run monopoly power that declines in the long run. C) relatively low short-run monopoly power that strengthens in the long run. D) relatively low short-run monopoly power that declines in the long run.
Cyclical unemployment
a. recurs over and over among certain people in the economy b. is a matter of not seriously trying to find a job c. occurs because of downturns (recessions) in the business cycle d. occurs because of technological innovations in production e. only occurs with a zero inflation rate
If real GDP per person in a country equals $20,000 and 40 percent of the population is employed, then average labor productivity equals:
A. $8,000. B. $40,000. C. $20,000. D. $50,000.
Which of the following will cause the rental cost/user cost of capital to decrease?
A) The rate of depreciation decreases. B) The real interest rate increases. C) The expected profit from the machine decreases. D) all of the above E) none of the above