Andrew recently completed a degree in mechanical engineering. He has applied at several firms. How would you classify Andrew?
a. Cyclically unemployed
b. Frictionally unemployed
c. Not part of the labor force
d. Structurally unemployed
e. Both a and c
Ans: b. Frictionally unemployed
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A manager invests $400,000 in a technology that should reduce the overall costs of production. The company managed to reduce their cost per unit from $2 to $1.85 . This affects
a. Economic profits b. Accounting profits c. Both a and b d. None of the above
In the United States, to count as unemployed, you must:
A. actively looking for work. B. be younger than 65 years old. C. be skilled enough to hold a job. D. All of these are true.
A college student is thinking about running an ice-cream truck over the summer. Which of the following would likely be an ongoing expense of the business?
A. The cost of the gasoline used B. The cost of ice cream scoopers C. The cost of the truck D. None of these is an ongoing expense.
In the figure above, using the midpoint method, the price elasticity of demand when the price falls from $8 to $7 is equal to
A) 2.50. B) 1.63. C) 0.40. D) 0.62. E) 1.00.