Who among the following is neither employed nor unemployed?
a. Kate, who did not work because she wanted to complete her studies but is now available for work
b. Robert, who is working part-time at Kent's Snack Bar as he wants more time to study
c. Greg, who is a doctor working as the head of the neurosciences department of a community hospital
d. Smith, who is an accountant by profession but is working as a clerk in a bank
d
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A perfectly competitive industry achieves allocative efficiency in the long run. What does allocative efficiency mean?
A) Firms use an input combination that minimizes cost and maximizes output. B) Each firm produces up to the point where all scale economies are exhausted. C) Each firm produces up to the point where the price of the good equals the marginal cost of producing the last unit. D) Production occurs at the lowest average total cost.
Suppose the government decides to decrease the amount of investment spending that firms are allowed to depreciate for tax purposes from 50% to 25%, effective next year
What effect should this change have on the desired capital stock and the level of investment spending next year? Use a graph to explain your answer.
When the housing bubble popped, the effect of the negative demand side shock and the negative supply side shock were the same on:
A. output, causing it to definitely decrease. B. output, causing it to definitely increase. C. prices, causing them to definitely rise. D. prices, causing them to definitely fall.
If a U.S. importer has to write a $200 check to cover a 20,000 yen purchase from Japan, the exchange rate is
A. 200 yen to a dollar. B. 100 yen to a dollar. C. 20 yen to a dollar. D. 10 yen to a dollar.