Which one of the following people would not be considered by the BLS a part of the labor force?
a. a steel worker who was laid off last week and is seeking work
b. a steel worker who was laid off last year and is no longer seeking work
c. a student who also works part-time
d. a member of the U.S. Navy
e. a retired college professor paid to teach a summer course
B
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An increase in capital brings a large increase in output at a ________ quantity of capital and a small increase in output at a ________ quantity of capital because of ________
A) large; small; the greater the quantity of capital the greater the output B) small; large; diminishing returns along the productivity curve C) large; small; diminishing returns along the productivity curve D) small; large; increasing returns along the productivity curve E) large; small; increasing returns along the productivity curve
If you were building a macroeconomic model that explores the effect of the increase in interest rates on the inflation rate in Great Britain, interest rates would be an ________ variable and the inflation rate would be an ________ variable
A) endogenous; endogenous B) endogenous; exogenous C) exogenous; exogenous D) exogenous; endogenous
For a monopoly, marginal revenue for all units greater than 1 is always:
A. more than price because of the quantity effect. B. more than price because of the price effect. C. less than price because of the quantity effect. D. less than price because of the price effect.
Refer to Figure 18.4. With free trade, what is the equilibrium quantity of gloves in Duckland?
A) 100 B) 80 C) 60 D) 40