The unemployment rate will decrease when
A. the average workweek falls from 40 to 39 hours.
B. the duration of unemployment increases.
C. people get discouraged and quit looking for work.
D. the age of the labor force increases.
Answer: C
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Assume that a consumer purchases a combination of products X and Y and MUx / Px = 75 utils per dollar and MUy / Py = 50 utils per dollar. To maximize utility without spending more dollars, the consumer should buy:
a. more of both X and Y. b. less of Y only if the price of Y increases. c. more of Y and less of X. d. more of X and less of Y. e. less of both X and Y.
Which of the following is not correct?
a. Economists use some familiar words in specialized ways. b. Economics has its own language and its own way of thinking, but few other fields of study do. c. Supply, demand, elasticity, comparative advantage, consumer surplus, and deadweight loss are all terms that are part of the economist's language. d. The value of the economist's language lies in its ability to provide you with a new and useful way of thinking about the world in which you live.
The shape of the average total cost curve is determined by the shape of
A) the marginal cost curve. B) the average fixed cost curve. C) the average product curve. D) the firm's production function.
The short-term ups and downs in the level of economic activity is known as a(n)
A. business cycle. B. recovery model. C. circular flow model. D. unemployment trend.