Part-time workers who want full-time work are counted as only partially employed in the official unemployment statistic
a. True
b. False
Indicate whether the statement is true or false
False
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In the backward-bending portion of a labor supply curve: a. a worker will increase the quantity of labor supplied in response to an increase in the wage. b. the substitution effect of a wage change outweighs the income effect
c. the income effect of a wage change outweighs the substitution effect. d. the substitution effect of a wage change equals the income effect.
Melanie and Oli are competing Pacific halibut fishers. Both have been allocated ITQs that limit their catch to 1,000 tons of Pacific halibut each. Melanie's cost per ton is $20; Oli's cost per ton is $28. Refer to the information given. If the
market price of Pacific halibut is $40 per ton, and Melanie and Oli both catch their quota, their combined profit will be: A. $12,000. B. $22,000. C. $25,000. D. $32,000.
Assume that when a lamp manufacturer decreases its price its total revenue does not change. What do we know?
A. Demand is price inelastic. B. Demand is price elastic. C. Demand is unit elastic. D. Demand is perfectly price elastic.
Majority-rule voting
A) is economically efficient. B) is never economically efficient. C) may or may not be efficient, depending upon the preferences of the voters. D) is economically efficient only in a democracy. E) is economically efficient only if there is a median voter.