The official unemployment rate is:
a. the number of unemployed people divided by the number of employed people.
b. the number of unemployed people divided by the total size of the population.
c. the number of unemployed people divided by the size of the non-institutionalized population.
d. the number of unemployed people divided by the size of the labor force.
e. the number of unemployed people divided by the number of people aged 16 or under.
d
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Use the above figure. The total cost earned by this monopolistically competitive firm is
A) $2,080. B) $3,150. C) $1,600. D) $1,900.
Moral hazard:
A. is a normative judgement about the moral choices made by economic agents. B. is about actions and occurs after the parties have voluntarily entered into an agreement. C. is always present when adverse selection arises. D. All of these statements are true.
A clinic uses doctors and nurses optimally and is servicing the maximum number of patients given a limited annual payroll. The last doctor hired treated 1,600 extra patients in a year, while the last nurse hired treated 1,000 extra patients in a year. If doctors make $64,000 a year and nurses make $40,000 a year, then
A. the clinic is making the correct decision. B. the clinic is not making the correct decision because the additional patients per dollar spent on doctors is greater than the additional patients per dollar spent on nurses. C. the clinic could serve more patients by hiring more doctors and fewer nurses. D. the clinic could serve more patients by hiring fewer doctors and more nurses. E. a and d
Many biologic drug manufacturers are pushing for patent protection to be extended to 12 years before generics are allowed to be introduced to the market. This reflects which of the following barriers to entry?
A) control of a key resource B) network externalities C) entry blocked by government action D) economies of scale creating a natural monopoly