Dr. Homer Simpson, an economics professor, decided to take a year off from teaching to run a commercial fishing boat in Alaska. That year, Professor Simpson would be officially counted as
A. employed.
B. structurally unemployed.
C. not in the labor force.
D. frictionally unemployed.
Answer: A
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In the short run, a firm in monopolistic competition produces where
A) MR = MC and economic profit is equal to zero. B) MR = MC. C) the given market price is equal to MC and economic profit is equal to zero. D) the given market price is equal to MC.
Jim saw a decrease in the quantity demanded for his firm's product from 8000 to 6000 units a week when he raised the price of the product from $200 to $250 . What is Jim's own price elasticity of demand?
a. 1.29 b. 1 c. 0.25 d. 0.78
Which of the following best represents the effects of a decrease in the price of tomato juice, other things being equal?
a. An upward movement along the demand curve for tomato juice. b. A downward movement along the demand curve for tomato juice. c. A rightward shift in the demand curve for tomato juice. d. A leftward shift in the demand curve for tomato juice.
In the Unites States, the Gini coefficient was .403 in 1980 and .469 in 2010 . What information on income distribution can be derived from this data?