The ________ is the number of unemployed divided by the labor force and the ________ is the number of employed divided by the adult population
A) unemployment rate; employment rate
B) unemployment rate; employment ratio
C) unemployment ratio; participation rate
D) discouraged worker ratio; employment rate
B
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If marginal cost exceeds average total cost in the short run, then which is likely to be true?
A. Marginal cost is less than average variable cost. B. Average total cost is less than average variable cost. C. Average total cost is increasing. D. Average variable cost is decreasing.
Suppose the production of a good results in positive externalities. If output occurs at the intersection of the marginal social benefits curve and the supply curve, then
A. output will be at the socially optimal level. B. the price of the product will be the same as it was when all benefits were not taken into account. C. more output will be produced than if all benefits were not taken into account. D. a and c E. a, b, and c
One of the advantages that corporations have as a business organization is that corporate profits are only taxed once.
Answer the following statement true (T) or false (F)
The accountants hired by the Brookside Racquet Club have determined total fixed cost to be $75,000 . total variable cost to be $130,000 . and total revenue to be $145,000 . Because of this information, in the short run, the Brookside Racquet Club should
a. shut down. b. exit the industry. c. stay open because shutting down would be more expensive. d. stay open because the firm is making an economic profit.