Suppose the working-age population of a fictional economy falls into the following categories: 90 are retired or homemakers; 60 have full-time employment; 20 have part-time employment; 20 do not have employment, but are actively looking for employment;
and 10 would like employment but do not have employment and are not actively looking for employment. The official unemployment rate as calculated by the U.S. Bureau of Labor would equal
A) (20/60 ) × 100.
B) (20/80 ) × 100.
C) (30/80 ) × 100.
D) (20/100 ) × 100.
Answer: D
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If actual output is less than equilibrium output, firms will ________ output to keep from ________ inventories
A) increase; accumulating B) increase; depleting C) decrease; depleting D) decrease; accumulating
If an industry experiences economies of scale in production, then entry into the market by other firms is easy
a. True b. False Indicate whether the statement is true or false
Some costs cannot be varied no matter how long the period in question. These are called
a. overheads. b. total costs. c. fixed costs. d. variable costs.
You have observed a consumer who purchases only goods 
and 
and have concluded that the consumer's tastes are quasilinear in 
. Whether
the consumer purchases more or less of 
when the price of 
falls then depends on the size of the substitution effect.
Answer the following statement true (T) or false (F)