What does the unemployment rate represent?
(A) The percentage of the total population that is not employed.
(B) The total number of people who are unable to find work.
(C) The total number of people who are not employed.
(D) The percentage of the total labor force that is unemployed.
Ans: (D) The percentage of the total labor force that is unemployed.
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Total variable costs will initially increase and then begin to decrease as output increases.
Answer the following statement true (T) or false (F)
A special license is required to operate a taxi in many cities. The number of licenses is restricted. More drivers want licenses than are issued. This describes a non-perfectly competitive market because
A) taxi services are very different. B) firms cannot freely enter and exit the market. C) transaction costs are high. D) the government generates revenue from the licenses.
Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD1 the result in the long run would be:
A. P4 and Y1. B. P4 and Y2. C. P5 and Y1. D. P5 and Y2.
Graphically, economies to scale are illustrated by
A) a downward sloping long-run average cost curve. B) a horizontal long-run average cost curve. C) an upward sloping long-run average cost curve. D) a long-run average cost curve that is shaped like an upside down U.