After a fruitless two-year search for a job, a former executive gives up and decides to live off the land in the Rocky Mountains. This former executive is considered
A. Structurally unemployed.
B. One of the phantom unemployed.
C. A discouraged worker.
D. Underemployed.
Answer: C
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Saving is positive for all levels of disposable income
A) above zero. B) above where the consumption line intersects the 45-degree line. C) below where the consumption line intersects the 45-degree line. D) above where the consumption function intersects the vertical axis. E) above autonomous consumption.
The introduction of the power loom during the Industrial Revolution caused:
A. economic growth. B. the long-run aggregate supply curve to shift to the right. C. an increase in the potential output of the economy. D. All of these are true.
Suppose the cost function is C(Q) = 50 + Q ? 10Q2 + 2Q3. At 3 units of output, the marginal cost curve is:
A. in the declining stage. B. at the maximum level. C. in the increasing stage. D. at the minimum level.
If the market demand increases for a good sold in a perfectly competitive market, individual firms in the market:
A. will be able to charge a higher price for their product. B. will need to lower price in order to remain competitive. C. will not be able to change their price. D. will begin earning economic losses.