In calculating the unemployment rate, part-time workers are:
A. Counted as unemployed because they are not working full-time
B. Counted as employed because they are receiving payment for work
C. Used to determine the size of the labor force, but not the unemployment rate
D. Treated the same as "discouraged" workers who are not actively seeking employment
B. Counted as employed because they are receiving payment for work
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Elvis loves steak. Suppose he values the first steak sandwich he eats at $5, the second at $4.50, and the third at $4 . If he buys the 3-for-$4 special, his consumer surplus is
a. $5 b. $4 c. $1.50 d. $9.50 e. $12
The market demand curve is the horizontal summation of all individual demand curves
a. True b. False Indicate whether the statement is true or false
Which of the following best explains why making air travel completely safe is not efficient?
a. After some level of safety is reached, making airplanes even safer is not worth the opportunity cost that would be incurred. b. Because one can't put a price on human life, airplane safety generally doesn't matter economically. c. The benefit from additional airplane safety will generally rise as airplanes are made safer, more than offsetting the opportunity cost involved. d. The question is misleading--making airplanes safer is always efficient.
If you can make $20,000 a year teaching, $25,000 a year typing, $30,000 a year driving a cab, and $40,000 a year as a chef, you have a comparative advantage in
A) teaching. B) driving a cab. C) being a chef. D) one of them but we need more information to know which.