Some people who are employed or who are not making serious effort to find employment will report themselves as unemployed. Some people who want to find work will be counted as out of the labor force
a. Both the first and the second fact tend to make the reported unemployment rate lower than otherwise.
b. Both the first and the second fact tend to make the reported unemployment rate higher than otherwise.
c. The first fact tends to make the reported unemployment rate higher than otherwise, while the second fact tends to make the reported unemployment rate lower than otherwise.
d. The first fact tends to make the reported unemployment rate lower than otherwise, while the second fact tends to make the reported unemployment rate higher than otherwise.
c
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A point inside the production possibilities frontier is ________ while a point outside the frontier is ________.
A. below the maximum possible; the maximum possible B. unattainable; attainable C. attainable; unattainable D. the maximum possible; below the maximum possible
If all producers in a market are cartel members, then the demand curve facing the cartel is
A) the market demand curve. B) horizontal. C) identical to the demand curve in the dominant firm model. D) identical to the monopolist's demand curve.
If individuals make intertemporal choices using "hyperbolic discounting", this may create inefficient choices because individuals will: a. not take account of their time preferences
b. make choices that are inconsistent over time. c. have a preference for only consuming in the future. d. confuse nominal and real interest rates.
Which of the following would NOT be associated with the LATE PHASE of the product cycle?
A) Consumption in high income countries begins to exceed production. B) Increasing share of output is moving to developing countries where abundant low skilled and semi-skilled labor keep production costs low. C) Consumption continues to grow in low income countries. D) There is experimentation and improvement in design and manufacturing.