To be counted as unemployed, ________.
A. you must not have a job
B. you must be receiving unemployment benefits
C. you must not have a job, but have actively looked for a job in the last four weeks
D. you must either not have a job or be a part-time worker
Answer: C
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Lesley buys 6 cappuccinos per week when her income is $900 per week and buys 8 cappuccinos per week when her income is $1100 per week. For Lesley, cappuccinos are a(n) ________ good
A) normal B) luxury C) inferior D) essential E) substitute
The total revenue test using the price elasticity of demand
A) explains why monopolies will only operate on the elastic portion of their demand curve. B) explains why monopolies will only operate on the inelastic portion of their demand curves. C) demonstrates why a monopoly can earn an economic profit in the long run. D) determines whether a monopoly can perfectly price discriminate or not. E) cannot be used for a price discriminating monopoly.
Given total cost and the quantity of output, marginal cost and average cost can be determined.
Answer the following statement true (T) or false (F)
Inflation over time necessarily makes consumers worse off
Indicate whether the statement is true or false