Jacob and Mason go to a diner that sells burritos for $5 and tacos for $3 . They agree to split the lunch bill evenly. Mason chooses a taco. The marginal cost to Jacob of ordering a burrito instead of a taco is
a. $1.
b. $2.
c. $2.50.
d. $3.
A
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Suppose the Bureau of Labor Statistics interviews 196,700 people in its monthly survey; 94,500 are not in the labor force, 91,150 are employed, 8,870 are unemployed, and 2,180 are in the armed forces
What is the unemployment rate the BLS announces? A) 8.87 percent B) 9.73 percent C) 9.39 percent D) 4.51 percent E) 10.81 percent
An improvement in technology
a. will always result in a parallel shift of the production possibilities frontier b. will never result in a parallel shift of the production possibilities frontier c. will be indicated as a movement along the production possibilities frontier d. will shift the production possibilities frontier outward but not necessarily to a parallel position e. may not shift the production possibilities frontier
Assume a firm closes down in the short run and produces no output. Under these conditions:
A. TVC is positive, but TFC and TC are zero. B. TFC is positive, but TVC and TC are zero. C. TFC and TC are positive, but TVC is zero. D. TFC, TVC, and TC will all be positive.
Economists define the unemployed as individuals who are:
A. not currently working. B. not currently working but are actively looking for work. C. working but looking for a different job. D. working less than their desired amount of time.