Which of the following can cause official unemployment figures to underestimate the true unemployment rate?
A. Some people engage in illegal activities.
B. Some people work overtime.
C. Some people get discouraged and quit looking for a job.
D. Some people work "off the books."
Answer: C
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Joseph has the utility function U(F,H) = 10F2H, where F is the quantity of food he consumes per year and H is the quantity of housing per week. Suppose the price of food is $10 and the price of housing is $5, while Joseph has an income of $150/week
a. Calculate Joseph's MRS as a function of the quantities F and H. b. Write out Joseph's constrained optimization problem with the information provide d. c. Using the substitution method, solve for Joseph's optimal consumption bundle of food and housing. d. Show that at the optimum, Joseph consumes the bundle along the budget constraint where MRS = MRT.
An investment is profitable as long as its internal rate of return is equal to the rate of interest
Indicate whether the statement is true or false
Which of the following statements is true about revenue?
A) Revenue is the total amount received for selling a good or service. B) Revenue is calculated by dividing the price per unit by the number of units sold. C) The terms "revenue" and "profit" can be used interchangeably. D) A firm's revenue will increase as its costs increase.
If the price of automobiles were to increase substantially, the demand curve for automobiles would most likely
A) shift rightward. B) shift leftward. C) remain unchanged. D) become steeper.