Who is cyclically unemployed?
A) Katrina, an assistant manager who quit her job to search for a better job closer to home
B) David, a new car salesman who lost his job because the economy went into a recession
C) Samantha, who quit her job to return to college to earn her MBA
D) Casey, who lost his job because the technology changed so he was no longer needed
E) Kathy, a steelworker who was laid off but has stopped looking for a new job because she can't find a new job
B
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The figure above shows the market supply and market demand for pizza
a) What is the efficient quantity of pizzas? b) If 70,000 pizzas are produced, what area represents the deadweight loss? c) Why does the deadweight loss in part (b) occur? d) If 20,000 pizzas are produced, what area represents the deadweight loss? e) Why does the deadweight loss in part (d) occur?
If you bought a long futures contract you hope that bond prices
A) rise. B) fall. C) are stable. D) fluctuate.
Suppose the U.S. government is auctioning the rights to mine for gold in a government-owned region on the West coast. Gold has been found in areas close to the region to be auctioned and gold has a fixed market price. The value of the rights to mine for gold in this region is an example of ________.
A) a common value B) an independent private value C) a correlated value D) a public value
At Nick's Bakery, the cost to make homemade chocolate cake is $4 per cake. As a result of selling five cakes, Nick experiences a producer surplus in the amount of $17.50 . Nick must be selling his cakes for
a. $6.50 each. b. $7.50 each. c. $9.50 each. d. $10.50 each.