Which of the following is not one of the categories into which the Bureau of Labor Statistics places each adult of each surveyed household?
a. employed
b. unemployed
c. underemployed
d. not in the labor force
c
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Liquidity can be defined as the
A. cash value of money. B. value of money adjusted for inflation. C. value of fiat money when used for spending. D. ease with which an asset can be converted to a spendable asset.
The Perez Lumber Company sells boards in a perfectly competitive market. The current marginal cost of boards at the current output of 445 board feet per month is $3.57 per board foot. The price of lumber is currently $3.57 per board foot, and the minimum possible average variable cost of producing lumber is $3.88 per board foot. If the firm wants to maximize profit (or minimize losses), it should
a. decrease monthly output to 200 board feet. b. shut down immediately. c. continue producing at its current output level. d. increase monthly output above 445 board feet.
Since the 1930s, the United States has experienced continuous deflation.
Answer the following statement true (T) or false (F)
If a monopolist is producing the quantity at which price equals marginal cost, it should
A. reduce price and keep output unchanged if it wants to maximize profits. B. reduce output if it wants to maximize profits. C. increase output if it wants to maximize profits. D. continue to produce this amount if it wants to maximize profits.