Arun is a job seeker. He notes that although the U.S. unemployment rate has dropped, the frictional unemployment has risen. How should he feel about this news?
a. concerned, because an uptick in frictional unemployment usually corresponds to the
start of an economic slowdown
b. optimistic, because frictional unemployment often rises when there are a lot of
available job opportunities
c. ambivalent, because the economy is doing well, but it will probably take him a long
time to find a job
d. confused, because the frictional unemployment rate almost always mirrors overall
unemployment rate
b. optimistic, because frictional unemployment often rises when there are a lot of
available job opportunities
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In economics, the term "marginal" usually refers to
a. a small change in an economic variable b. a low-quality product or resource c. an unimportant and irrelevant economic variable d. an all-or-nothing economic decision e. a footnote or minor point
In long-run equilibrium in a monopolistically competitive market, firms typically: a. earn a normal profit
b. charge a price equal to marginal cost. c. earn an above-normal profit. d. charge a price equal to marginal revenue.
A yellow dog contract prohibits workers from joining unions
Indicate whether the statement is true or false
Exhibit 8-1 Quantity and total revenue data for a firm Quantity Total Revenue 0 $ 0 1 62 2 124 3 186 Exhibit 8-1 indicates that this firm is operating in which type of market structure?
A. The market structure cannot be determined from the information given. B. monopoly C. perfect competition D. monopolistic competition