Which of the following would be considered a member of the labor force?
A. a computer programmer looking for work
B. an engineer who has been laid off a year ago and since then has not looked for work
C. an inmate in a state prison making license plates
D. a person in a mental institution
Answer: A
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A business incurs the following costs per unit: Labor - $5/unit; Materials $3/unit and rent - $5000/month. If the firm produces 100 . units a month, the total costs equals
a. $5,000 b. $8,000 c. $13,000 d. $3,000
If the price of a good is zero, a rational consumer will
A. stop consuming the good when marginal utility is zero. B. buy all of the units available. C. not consume the good at all since it must not be valuable if it has a zero price. D. consume the good up to the point where total utility is just below zero.
Historically, price discrimination was aggressive behavior exhibited by whom? The
(a) monopolist (b) mom and pop business person (c) manager of a large group of industrial workers (d) corporation
The primary argument against active monetary and fiscal policy is that
a. attempts to stabilize the economy do not constitute a proper role for government in a democratic society. b. these policies affect the economy with a long lag. c. these policies affect the economy too quickly and with too much impact. d. history demonstrates that interest rates respond unpredictably to active policies, leading to unpredictable effects on income.