An inferior good has an income elasticity of demand that is
A) positive.
B) negative.
C) positive but less than 1.
D) zero.
Answer: B
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The unemployment rate is 10 per cent. The rate of job separation is 5 per cent. How high does the rate of job finding have to be to keep the unemployment rate constant?
A. 10 per cent B. 45 per cent C. 50 per cent D. 90 per cent
A profit-maximizing firm will continue to expand output:
A. as long as the revenues from the production and sale of an additional unit exceeds the average cost of the unit. B. until the average cost of producing the good or service is at a minimum. C. as long as the revenues from the production and sale of an additional unit exceeds the marginal cost of the unit. D. until the marginal cost of producing a good or service is at a minimum.
Which of the following is not true of task inventories?
A. It describes actual tasks. B. A task inventory can be used for many different jobs. C. It measures the purpose of tasks. D. It uses an objective rating format
Total product is
A) the increase in output that results from a one-unit increase in the quantity of labor employed with all other inputs remaining the same. B) maximum output that a given quantity of labor can produce. C) maximum amount of output produced by a given quantity of labor divided by the given quantity of labor employed. D) maximum amount of amount of output produced by a given quantity of labor divided by price of the output.