A firm will never operate at a loss
Indicate whether the statement is true or false
F
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Suppose Jack and Kate are at the town fair and are choosing which game to play. The first game has a bag with four marbles in it-1 red marble and 3 blue ones. The player draws one marble from the bag; if it is red, they win $20 and if it is blue, they win $1. The second game has a bag with 10 marbles in it-1 red, 4 blue, and 5 green. The player draws one marble from the bag; if it is red, they win $20; if it is blue, they win $5; and if it is green, they win $1. Both games cost $5 to play. Kate decides to play the second game. Her probability of pulling out a green marble is:
A. 10 percent. B. 40 percent. C. 50 percent. D. 75 percent.
The demand curve for labor is identical to the
a. total labor cost curve b. marginal resource curve c. total revenue curve d. marginal revenue product curve e. marginal revenue curve
Suppose u = unemployed and seeking work; e = those employed; and nlf = those in the population but not in the labor force. According to the BLS, the unemployment rate is
a. u/(e + nlf) b. u/e c. u/(u + e) d. u/(e + nlf) e. u/(u + e - nlf)
In 1979, Fed Chair Paul Volcker
a. instituted an accommodative monetary policy to address adverse supply shocks. b. believed that inflation had not yet reached unacceptable levels. c. believed decreasing inflation would temporarily decrease output growth. d. All of the above are correct.