Which of the following individuals would be considered unemployed by the official government definition?
a. Alexander, a mathematician, who returned to graduate school after failing to find a job the last four months.
b. Abigail, a medical student, who is still in college and is not working.
c. Elizabeth, who is employed part-time but desires a full-time job.
d. Darius, an auto worker vacationing in Florida during a layoff at a General Motors plant.
D
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Which of the following best describes comparative advantage?
A) using the fewest number of resources to produce a given amount of output B) being able to produce more output than any other country C) having the largest number of resources compared to other countries D) forgoing the fewest units of one product to produce a unit of another product E) It is the same as absolute advantage.
Josh pays $6,000 in taxes and earns $60,000. Maggie pays $4,000 in taxes. If the tax system is progressive, then Maggie earns:
A. less than $40,000. B. $40,000. C. more than $60,000. D. more than $40,000 but less than $60,000.
The public interest theory of industrial regulation contends that:
A. while industrial regulation is sound in theory, bureaucrats allow monopolists to obtain excessive profits. B. regulated monopolies are tantamount to legal cartels. C. the objective of regulation is to protect the public from the market power inherent in natural monopolies. D. firms in some industries want to be regulated.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point E necessarily represents
A. only motorcycles being produced. B. overallocation of resources. C. an impossible production point. D. technological advancement.