Jackson lost his job when the economy went into a recession. His firm had large lay-offs due to a tremendous drop in sales volume. He is currently in school taking night classes where he is learning how to be a chef. He is actively seeking employment. What type is he?
a. cyclical
b. not unemployed
c. frictional
d. structural
Ans: a. cyclical
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In the above, a marginal revenue curve for a perfectly competitive firm is shown in Figure ________
A) W B) X C) Y D) Z E) X and Figure Z
If transactions costs are low, then assigning property rights in a market with external costs
i. increases the deadweight loss. ii. means private transactions are efficient. iii. means that only consumers must pay the external costs. A) i only B) ii only C) ii and iii D) i and iii E) i and ii
Imagine that you are an entrepreneur, making designer t-shirts in your garage. Your total cost (in dollars) is given by the equation TC = 300 + 10Q, where Q represents the number of t-shirts you make. If you make 100 t-shirts, your average total cost is ________.
A. $10 B. $3 C. $3.10 D. $13
Proprietorships are
A) the most common form of business organization in the country. B) responsible for most of the profits in the country. C) generally large relative to other business organizations. D) easy to form but difficult to dissolve.