The U.S. Department of Labor classifies all individuals in the United States as
A) either overemployed or underemployed.
B) labor force participants.
C) either employed, unemployed, or not in the labor force.
D) potential employees.
C
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The concept of elasticity of supply measures the responsiveness of the
A) quantity supplied to a change in the price. B) price to a change in the quantity supplied. C) quantity supplied to a change in the quantity demanded. D) quantity demanded to a change in the quantity supplied.
If the wage is below the marginal revenue product, then a profit-maximizing firm will
a. employ more workers b. employ fewer workers c. see an increase in its demand for labor d. see an increase in its supply of labor e. see a fall in its demand for labor
Consider a market consisting of two firms where the inverse demand curve is given by P = 500 ? 2Q1 ? 2Q2. Each firm has a marginal cost of $50. Based on this information, we can conclude that aggregate profits in the different equilibrium oligopoly models will follow which of the following orderings?
A. ?Collusion > ?Stackelberg > ?Cournot > ?Bertrand B. ?Bertrand > ?Collusion > ?Stackelberg > ?Cournot C. ?Collusion > ?Cournot > ?Stackelberg > ?Bertrand D. None of the answers is correct.
The evidence shows that, over the last 25 years, spending on research and development in the rich countries has
A) decreased dramatically. B) decreased slightly. C) remained constant. D) increased in absolute numbers, but decreased as a percentage of GDP. E) increased as a percentage of GDP.