A person 16 years or older who does not work, but is actively looking for work, is officially classified as:
A. chronically unemployed.
B. employed.
C. out of the labor force.
D. unemployed.
Answer: D
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The phrase "decreasing marginal benefit" means that
A) the more you consume of the product, the less total benefit you derive. B) the marginal cost will be increasing as you consume more of a good. C) each additional unit of a good you consume gives you less additional benefit than the previous unit. D) Both answers A and B are correct. E) Both answers A and C are correct.
In the above figure, if the economy is in equilibrium at E1, then
A) the economy is producing below its potential long-run equilibrium at full employment. B) the economy is producing above its potential long-run equilibrium at full employment. C) there is an inflationary gap in the economy. D) the economy is in a period of high inflation.
Behavioral economics
a. integrates psychological insights into economic models. b. relies on the assumption that homo economicus describes economic decision-making. c. assumes that economic agents have full information about the conditions surrounding their decisions. d. All of the above are correct.
Total losses of the Fortune 500 companies in 2008 were _____ times the losses incurred in 2006.
A. 3. B. 6. C. 10. D. 14.