What is the discouraged worker effect?
A. A discouraged worker accepts a part-time job and is therefore counted as being employed.
B. A discouraged worker will accept any job offer regardless of the wage.
C. A discouraged worker stops looking for a job and therefore is no longer counted as being in the labor force.
D. Because a discouraged worker accepts a part-time job when he wants a full-time job, he is considered to still be unemployed.
E. A discouraged worker stops looking for a job but is still counted as being in the labor force.
Answer: C
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If MPPa/Pa> MPPb/Pb, then the proportions of these two inputs is optimal.
Answer the following statement true (T) or false (F)
The local mall has a make-your-own sundae shop. They charge customers 35 cents for each fresh fruit topping and 25 cents for each processed topping. Barbara is going to make herself a sundae
The total utility that she receives from each quantity of topping is given by the following table: Fresh Fruit Topping Processed Topping # of Units Total Utility # of Units Total Utility 1 10 1 10 2 18 2 20 3 24 3 10 4 28 4 0 5 30 5 -10 6 28 6 -20 7 24 7 -30 8 18 8 -40 9 10 9 -50 10 -6 10 -60 a. What is the marginal utility of the 6th fresh fruit topping? b. Of the two toppings, which would Barbara purchase first? Explain. c. If Barbara has $1.55 to spend on her sundae, how many fresh fruit toppings and processed toppings will she purchase to maximize utility? d. If money is no object, how many fresh fruit toppings and processed toppings will Barbara purchase to maximize utility? e. Which of the basic assumptions of preferences are violated by preferences shown in the table above?
If a hurricane were to wipe out the majority of the eastern seaboard in the United States:
A. only the long-run aggregate supply curve would shift left. B. the long-run and short-run aggregate supply curves would both shift left. C. only the short-run aggregate supply curve would shift left. D. neither the short-run nor long-run aggregate supply curves would be affected.
When a perfectly competitive firm weighs price and marginal cost and no externalities exist, it is weighing the full benefits to ________ of additional production against the full costs to ________ of that production.
A. government; government B. society; society C. sellers; buyers D. buyers; sellers