Which of the following people would not be included among the unemployed?
A. A construction worker laid off because of a slowdown in house building.
B. A young mother on welfare because her husband has left her and she must stay home to tend her children.
C. A recent high school graduate who has quit his first job as a stock clerk in a grocery store in order to look for a better job.
D. A recent college graduate who has not yet found a job.
B. A young mother on welfare because her husband has left her and she must stay home to tend her children.
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An airline can profit by offering standby customers an unsold seat at a substantial discount just before takeoff because
A. additional passengers are needed to balance the load. B. the marginal cost of additional passengers is very small. C. additional passengers add little to fixed costs. D. such passengers add more to profits than do those with reserved seats.
Reductions in available resources will cause the production possibilities curve to:
a. expand. b. disappear. c. become vertical. d. shift inward.
Refer to the information provided in Figure 6.5 below to answer the question(s) that follow.
Figure 6.5Refer to Figure 6.5. Molly's budget constraint is EF. If her income decreases while the price of the goods are unchanged, her new budget constraint could be
A. CD. B. BD. C. AD. D. Her new possible budget constraint is not shown on this graph.
In general, when a nation has an absolute advantage over other nations in a particular product, it can produce that product:
A. in greater absolute quantities. B. at a lower opportunity cost of production. C. with fewer inputs per unit. D. without sacrifices in terms of other products.