If an increase in the price of one input causes an increase in demand for labor, the two inputs are
A) complementary.
B) substitutes.
C) interchangeable.
D) flexible.
Answer: B
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Indicate whether the statement is true or false
International influences have become relatively ________ important for the U.S. economy in recent decades, as we become a more ________ economy
A) less, "open" B) less, "closed" C) more, "open" D) more, "closed"
If a firm sets marginal revenue equal to marginal cost it will make an economic profit
Indicate whether the statement is true or false
Rich lost his job six months ago because of budget cuts at the county landfill where he worked. He tried finding another job, but has not actively searched for work for three months. Rich would be considered by the Bureau of Labor Statistics to be
a. frictionally unemployed and would be counted in the official unemployment rate b. seasonally unemployed and would be counted in the official unemployment rate c. structurally unemployed and would be counted in the official unemployment rate d. cyclically unemployed and would be counted in the official unemployment rate e. a discouraged worker