Cyclical unemployment includes people who become unemployed from
A) normal labor market turnover.
B) changes in the seasons.
C) changes in international competition.
D) technological changes.
E) changes in the business cycle.
E
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The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is Qs = 0.02W - 400, where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the coal mine's marginal expenditure when it hires 150 coal miners?
A. $35,000 B. $20,000 C. $10,000 D. $5,000
Laws that governments enact to regulate prices are called price barriers.
Select whether the statement is true or false. A. True B. False
The definition of economic profit is
A. total revenues less fixed costs. B. the difference between receipts from sales and cost of materials. C. what is left over after all opportunity costs have been met including interest forgone. D. gross profit less selling and operating expenses.
Which of the following statements is true about individuals and utility?
A. Individuals seek to maximize their income, not utility. B. Individuals will either minimize or maximize utility depending on the situation. C. Individuals rarely try to maximize their utility. D. Individuals seek to maximize utility.