Measured unemployment may be lower than actual unemployment because:
A. measured unemployment does not include the frictionally unemployed.
B. some individuals may want a job but have become discouraged and stopped looking for one.
C. some individuals claim to be unemployed when they are not looking very seriously for a job.
D. measured unemployment does not include teenage unemployment.
Ans: B. some individuals may want a job but have become discouraged and stopped looking for one.
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The productivity curve is a relationship between ________ and ________
A) real GDP per hour of labor; capital per hour of labor B) real GDP per hour of labor; capital C) capital per hour of labor; labor per hour of capital D) real GDP; hours of labor E) real GDP; capital
Which of the following are TRUE of fixed payment loans?
A) The borrower repays both the principal and interest at the maturity date. B) Installment loans and mortgages are frequently of the fixed payment type. C) The borrower pays interest periodically and the principal at the maturity date. D) Commercial loans to businesses are often of this type.
When information asymmetry exists in a market, government:
A. sometimes steps in to try to correct it. B. only steps in to correct it if it can ensure complete information. C. never steps in to try to correct it. D. always steps in to try to correct it.
In the exhibit below depicts the short run cost curves of a perfectly competitive firm. At output 45, Average Fixed Cost (AFC) is approximately
a. 1 b. 3 c. 4 d. 45