Which of the following statements about education and the unemployment rate is true?
A. People with more education tend to have higher unemployment rates.
B. The unemployment rate tends to be higher for people with less education.
C. As the unemployment rate rises, the number of people getting college degrees falls..
D. Unemployment rates are virtually the same for groups with different education levels.
Answer: B
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Suppose a farmer is a price taker in soybeans with cost functions given by TC = .1q2 + 2q + 30 MC = .2q + 2 Suppose the farmer has to purchase a license for $50 per period in order to stay in business. In this case, its new total cost function is
a. still TC = .1q2 + 2 b. TC = .1q2 + .2q + 80 c. TC = .1q2 + 2q + 50 d. TC = 50
If a shortage exists in a market then: a. the price is below equilibrium
b. the quantity demanded exceeds the quantity supplied. c. the price will rise in the near future. d. all of the above.
Which of the following is not associated with more inelastic demand?
a. a limited amount of time for consumers to respond to a price change b. availability of many close substitutes c. large percentage of income spent on the good in question d. Neither b. or c. is associated with more inelastic demand
When a firm competes in a competitive market with some market power, the profit maximizing level of employment occurs where?
a. MRP=MRC b. ATC=ATR c. VC=FC d. there is no optimal level of employment