Which of the following statements is true of the short run?
A) Identical firms can enjoy positive economic profits.
B) Identical firms face a downward-sloping supply curve.
C) Non-identical firms face a downward-sloping supply curve.
D) Non-identical firms cannot enjoy positive economic profits.
A
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Indicators of economic activity that move at the same time as the overall economy are called ________ indicators.
A. short-term B. real C. long-term D. coincident
Suppose there is some unemployment in the economy and society decides that it wants more of one good. Which of the following statements is true?
A) It will have to increase resource supplies. B) It can increase output without giving up another good by employing more resources. C) It is not possible to achieve this unless technology advances. D) It will have to give up production and consumption of some other good.
Demand shocks:
A. refer to unexpected changes in the desires of households and businesses to buy goods and services. B. refer to unexpected changes in the ability of firms to produce and sell goods and services. C. always have a negative impact on the economy. D. cause fewer short-run fluctuations than supply shocks.
Indicate whether each of the following would be classified as employed, unemployed, underemployed, and/or not a member of the labor force: (a) a 15-year old student; (b) a convicted felon serving time in a federal prison; (c) a college student with a part-time job who is not interested in a full-time job; (d) a full-time homemaker who is not seeking work outside the home; (e) a worker temporarily away from the job due to illness; (f) a person with a law degree who is driving a taxi for a living; (g) a part-time worker seeking full-time work; (h) a discouraged worker who has discontinued his or her job search.
What will be an ideal response?