When explaining expansions and recessions, the classical model is
a. reliable
b. seriously flawed
c. the favorite explanatory tool of economists
d. overly focused on the labor market
e. sometimes accurate and sometimes not
B
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Full-time students and prisoners are ________
A) not in the labor force B) in the labor force C) counted as discouraged workers D) counted as unemployed
In general, increasing marginal returns occur
A) as output expands at low levels of production. B) through the entire range of production. C) as output expands at high levels of production. D) whenever the slope of the total product curve is positive.
If the fixed costs can be ignored, a relatively good approximation of the correct transfer price is
a. average costs b. average fixed costs c. average variable costs d. the market price
Suppose Copernicus Corporation hires Damon Danielson rather than Elmer Ellison, simply because Damon is a graduate of an Ivy League school while Elmer is a graduate of a small public university. Elmer is actually more qualified than Damon. This is an
example of: A. statistical discrimination. B. irrational behavior. C. monopsony exploitation. D. human-capital discrimination.