A person who did not have a job but was looking for work would be categorized as
a. employed
b. unemployed
c. not in the labor force
d. marginally unemployed
e. partially employed
b. unemployed
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The following table shows cost data for a perfectly competitive firm.OutputAverage Fixed CostAverage Variable CostAverage Total CostMarginal Cost1$300$100$400$1002150752255031007017060475731488056080140110650901401407431031461808381191562309331381712901030160190360If the market price for the firm's product is $180, the firm will produce
A. 8 units and earn economic profits of $278. B. 8 units and earn economic profits of $120. C. 7 units and earn economic profits of $238. D. 7 units and earn economic profits of $278.
A restaurant, which operates in a perfectly competitive market, is evaluating whether it should serve breakfast on a daily basis. It would choose to do this when its revenues cover its variable costs
a. True b. False Indicate whether the statement is true or false
The infant-industry argument
a. is based on the belief that protecting industries when they are young will pay off later. b. is based on the belief that protecting industries producing goods and services for infants is necessary if a country is to have healthy children. c. has the support of most economists. d. is an argument that is advanced by advocates of free trade.
A financial crisis may develop into a vicious cycle due to:
a. a recession that worsens banking problems. b. increased net capital inflows due to the crisis. c. exchange rate depreciation that increases output. d. banks becoming more liberal in granting loans.