Which one of the following people would not be considered a part of the labor force?
a. A steel worker who was laid off last week and is seeking work.
b. A steel worker who was laid off last year and is no longer seeking work.
c. A student who also works part-time.
d. A member of the U.S. Navy.
e. A retired college professor paid to teach a summer course.
b
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You make a loan to the government of $100. The government promises to pay you back some sum of money in two years. The interest rate will be 4 percent over that period, but inflation will be 4 percent. How much will you require that the government pay you in two years in the absence of any inflation? With inflation?
What will be an ideal response?
If the average total cost curve is always above the demand curve for a monopolist:
a. the profits of the monopolist will be large. b. the monopolist must be producing inefficiently. c. the monopolist will suffer economic losses. d. entry will occur, forcing the monopolist to reduce price and expand output.
A monopolist sets its price
A. below the demand curve. B. without constraints since there is no competition. C. on the demand curve, at the rate of output where marginal revenue equals marginal cost. D. at the minimum of the long-run average total cost curve.
________ is an example of a public good.
A. Chemotherapy B. An American Airlines jet C. A Starbucks grande latté D. Police protection