Using the above table, at a price of $5 there will be a
A) shortage of 20 units.
B) shortage of 10 units.
C) surplus of 20 units.
D) surplus of 10 units.
C
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In 1994, the Bureau of Labor Statistics started to report
A) the unemployment rate weekly to provide a better picture of the labor market. B) alternative measures of the unemployment rate that include narrower measures of the labor market. C) alternative measures of the unemployment rate that include broader measures of the labor market. D) the unemployment rate by surveying 200,000 households. E) B and C are correct answers.
The above figure illustrates a single-price unregulated monopolist. If the monopolist maximizes its profit, the deadweight loss equals ________
A) $10,000 B) $20,000 C) $45,000 D) $40,000
A right-to-work law makes it illegal
A) to prevent union members from working in any firm. B) to fire a worker who has joined a union or who tries to organize a union at any firm. C) to inquire whether a prospective employee is a member of a union or not. D) for union membership to be a requirement for continued employment in any firm.
Mainstream economists question the new classical assumption that:
A. excessive growth of the money supply is a cause of inflation. B. the price level is determined by aggregate demand and aggregate supply. C. demand creates its own supply. D. wages and prices are equally flexible upward and downward.