Which of the following statements is false?
A) Discouraged workers are a subset of a larger group termed marginally attached workers.
B) Discouraged workers are counted as unemployed in the official unemployment rate calculation.
C) A person is considered underemployed if he is working at a job for which his skills far exceed the skills required for his job.
D) People who are underemployed are not counted as unemployed.
B
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The difference between individual and aggregate demand is
a. Individual demand is the total demand of all the individuals in a market b. In the aggregate demand, each point represents a single consumer's different values for a single unit of the good c. In the aggregate demand, each point represents a consumer group's value of the good d. All of the above
If the marginal utility of a gallon of milk to consumers is $2.50 and the MC of producing the gallon of milk is $1.50, then
A. the value of the resources used up in producing one more gallon of milk would be $1 less than the money value of the additional gallon to consumers. B. society could be made better off by expanding the output of milk. C. resources are not being used most efficiently. D. All of the above are true.
___________ prices are set by large corporations for relatively long periods of time.
Fill in the blank(s) with the appropriate word(s).
Consumer surplus is equal to the area
A) under the demand curve and above the supply curve. B) above the supply curve and below the price line. C) under the demand curve. D) under the demand curve and above the price line.