Consider a broom factory that permanently closes because of foreign competition. If the broom factory's workers cannot find new jobs because their skills are no longer marketable, then they are classified as:
A. seasonally unemployed.
B. frictionally unemployed.
C. structurally unemployed.
D. cyclically unemployed.
Answer: C
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In the above figure, the distance between points S and T represents
A) an expansion. B) a trough. C) a peak. D) a recession.
The table in the above figure shows the levels of output resulting from different levels of inputs. At which level of input are there constant returns to scale?
A) 400-600 units B) Constant returns to scale exist throughout all levels of production. C) Constant returns to scale do not exist at any level of production. D) No firm conclusions can be drawn.
Determinants of the marginal productivity of labor include all of the following EXCEPT
A) talent. B) education. C) experience. D) location.
Assume a firm organizes all individuals by their willingness to pay (least to most). If the firm starts to perfectly price discriminate, what is likely to happen?
A) Consumers start to arbitrage amongst themselves. B) The firm's profits will be maximized. C) The firm's costs will be minimized. D) The firm starts to arbitrage with consumers.