An individual who has stopped looking for a job because he is convinced that he cannot find a job is referred to as
A) a contingent worker.
B) a productive worker.
C) a discouraged worker.
D) an unemployed worker.
C
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If the minimum points of all the possible short-run average total cost curves become successively lower as quantity of output increases, then:
A. the firm should try to produce less output. B. total variable costs are constant along the LRAC curve. C. there are economies of scale. D. when output is doubled, total costs are doubled.
In the following question you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of, X; (2) the equilibrium price (P) of X; and (3) the equilibrium quantity (Q) of X. An improvement in the technology used to produce X will:
A. decrease S, increase P, and decrease Q. B. increase S, decrease P, and increase Q. C. decrease S, increase P, and increase Q. D. decrease D, decrease P, and decrease Q.
Price-fixing by firms in an oligopoly is:
A. more likely when the firms play a game repeatedly. B. more likely when firms must commit to a single pricing strategy for the lifetime of the firm. C. more likely when neither firm chooses the low-price guarantee strategy. D. never sustainable because firms have an incentive to underprice each other.
The accumulated training and education that you have is
A) physical capital. B) entrepreneurship. C) economic goods. D) human capital.