A firm's cost of variable inputs per unit of output is known as
a. average total cost
b. average fixed cost
c. marginal cost
d. total variable cost
e. average variable cost
E
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How many people are employed if the labor force participation rate is 60%, there are 3 million people unemployed, and there are 30 million people not in the labor force?
A) 54 million B) 48 million C) 42 million D) 30 million
If a teachers' union negotiates the wage for all college professors, the market supply curve of college professors
a. is perfectly elastic everywhere b. is perfectly inelastic everywhere c. is horizontal and then it slopes upward d. is vertical and it slopes upward e. slopes upward and then becomes horizontal
A theory predicts that the more a student studies, the higher his or her grades will be. This theory is
A) not falsifiable. B) falsifiable. C) too difficult a theory to test. D) inconsistent with the fact that some students study less than other students, yet receive higher grades. E) b and d
Using Figure 1.4 and starting at PP1, an increase in the capacity to produce can be represented by a movement from point
A. A to point C. B. C to point E. C. D to point E. D. A to point B.