Which of the following people would be considered unemployed assuming that they are actively seeking employment?
A) those who were fired from their job
B) those who resigned from their job
C) new entrants into the job market
D) All of the above are correct.
D
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If the price level rises by 3 percent and workers' money wages increase by 3 percent, then the
A) quantity of labor demand will decrease. B) quantity of labor demand will increase. C) quantity of labor demanded does not change because there is no change in the real wage rate. D) Any of the above could occur depending on the magnitude on the dollar increase in the price level versus the dollar increase in the wage rate.
Knowing how to translate between present and future value can be useful when:
A. the benefits and opportunity cost occur at different times. B. there are benefits and costs occurring at the same time. C. the current costs are higher than the present benefits. D. there are no benefits and costs.
The production function is a mathematical function that shows:
A) the most cost efficient means of producing output. B) the relationship between inputs and the quantity of output produced. C) how various inputs are produced. D) the most efficient level of output produced in an economy.
Assume the demand for coffee increases and the supply of coffee decreases. Which of the following outcomes is certain to occur?
A. The equilibrium quantity of coffee will fall. B. The equilibrium price of coffee will fall. C. The equilibrium price of coffee will rise. D. The equilibrium quantity of coffee will rise.