The official unemployment rate may understate the true rate of unemployment because of
A. increases in worker productivity.
B. discouraged workers who no longer are actively seeking work and are excluded from the statistics.
C. changes in wage rates.
D. workers who hold two jobs.
Answer: B
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If a firm's demand is subject to random fluctuations, the firm's ________ will also be random.
A) marginal revenue B) average total cost C) average variable cost D) marginal cost
Which of the following best illustrates the concept of "derived demand"? a. An increase in the wages of autoworkers leads to an increase in the demand for robots in automobile factories. b. An auto firm decides to supply more minivans when there is a decrease in the demand for station wagons. c. An increase in the price of gasoline leads to an increase in the demand for small cars
d. An automobile firm faces an increase in the demand for cars it supplies to the market, which leads to an increase in the demand for autoworkers.
Briefly and concisely define the following terms and explain their importance in the study of economics. a. excess capacity theorem b. price leadership c. kinked demand curve d. perfectly contestable market
What will be an ideal response?
In what way do common resources give rise to negative externalities?