During a recession
A. incomes fall and unemployment increases.
B. incomes fall and unemployment falls.
C. incomes rise and employment decreases.
D. incomes rise and unemployment increases.
Answer: A
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Human capital refers to
A) the money people have. B) the wealth people have. C) the machines workers have to work with. D) the accumulated skills and training workers have.
Which of the following is a term that is sometimes used to describe markets with low entry barriers and firms that are price searchers?
a. pure competition b. monopoly c. monopolistic competition d. oligopoly
The law of demand states that, other things equal, when the price of a good
a. falls, the demand for the good rises. b. rises, the quantity demanded of the good rises. c. rises, the demand for the good falls. d. falls, the quantity demanded of the good rises.
A firm pays Pam $40 per hour to assemble personal computers. Each day, Pam can assemble 4 computers if she works 1 hour, 7 computers if she works 2 hours, 9 computers if she works 3 hours, and 10 computers if she works 4 hours. Pam cannot work more than 4 hours day. Each computer consists of a motherboard, a hard drive, a case, a monitor, a keyboard, and a mouse. The total cost of these parts is $600 per computer. If the firm sells each computer for $650, then how many hours a day should the firm employ Pam to maximize its net benefit from her employment?
A. 4 hours B. 3 hours C. 2 hours D. 1 hour