Which of the following groups of individuals is classified as unemployed?
a. Individuals who have voluntarily quit their old jobs and are looking for new ones.
b. Individuals on strike.
c. Individuals on vacation.
d. None of the above are considered to be unemployed.
e. All of the above are considered to be unemployed.
.A
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Suppose that for Alicia the marginal benefit (MB) of producing is $75 and that the marginal cost (MC) of producing is $5. Suppose also that her marginal benefit of stealing is $85 and the marginal cost of stealing is $5. Is Alicia currently maximizing utility in terms of producing and stealing? If not, should she produce more and steal less, or produce less and steal more to move toward utility
maximization? A) Yes, Alicia is maximizing utility. B) No, Alicia is not maximizing utility. Since the MB/MC ratio for producing is less than the MB/MC ratio for stealing, Alicia should produce more and steal less. C) No, Alicia is not maximizing utility. Since the MB/MC ratio for producing is greater than the MB/MC ratio for stealing, Alicia should produce more and steal less. D) No, Alicia is not maximizing utility. Since the MB/MC ratio for producing is less than the MB/MC ratio for stealing, Alicia should steal more and produce less.
In order to maintain a balanced budget, Congress has decided to cut taxes and government spending both by $25 billion. What will happen to GDP?
A. It will increase. B. It will remain the same. C. It will decrease. D. It’s impossible to know without the multiplier.
Which of the following is the best synonym for "marginal" in economics?
A. Scarce B. Additional C. Basic D. Minor
Refer to the information provided in Table 31.2 below to answer the question(s) that follow.Table 31.2PeriodQuantity of Labor (L)Quantity of Capital (K)Total Output (Y)1 50 50 2002 50 60 2153 50 70 2254 50 80 230Refer to Table 31.2. During Period 2, labor productivity is equal to
A. 0.23. B. 0.51. C. 1.95. D. 4.3.