The official unemployment rate disguises the extent of the unemployment problem because:
a. children are not counted as unemployed
b. retired persons are not counted as unemployed.
c. full-time students are not counted as unemployed.
d. discouraged workers are counted as unemployed.
e. people overqualified for their current job are not considered unemployed.
e
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Unemployment that occurs when there is deficient demand for the goods and services of an economy is called
A. structural unemployment. B. frictional unemployment. C. cyclical unemployment. D. natural unemployment.
Consider the perfectly competitive firm in the figure above. At the profit maximizing level of output, the firm will
A) make an economic profit equal to the area ABCD. B) incur an economic loss equal to the area ABCD. C) make zero economic profit. D) make an economic profit equal to the area AECD.
A firm sells 1000 units per week. It charges $70 per unit, the average variable costs are $25, and the average costs are $65 . At what price would the firm consider shutting down in the short run?
a. $10 b. $25 c. $65 d. $70
A macroeconomist — as opposed to a microeconomist — might study the effect of
a. changes in the money supply on the inflation rate. b. an increase in the gas tax on fuel consumption. c. a technological advance on the natural gas industry. d. a hurricane on prices in the orange industry.