(Consider This) Elasticity can be thought of as degree of relative:
A. video brightness.
B. price bounce.
C. audio volume.
D. quantity stretch.
Answer: D
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If four workers can produce 18 chairs a day and five can produce 20 chairs a day, the marginal product of the fifth worker is
A) 2 chairs. B) 3 chairs. C) 4 chairs. D) 38 chairs.
Individuals who suffer from unemployment spells lasting more than six months are ________
A) chronically unemployed B) frictionally unemployed C) discouraged workers D) no longer counted as part of the labor force
In a perfectly competitive market, firms will exit in the
a. short run if they are suffering economic losses b. short run if they are earning below-normal profit c. short run if price exceeds average total cost d. long run if they are earning above-normal profit e. long run if they are suffering economic losses
If employees lose jobs because their skills are obsolete, or their company has moved to another location, this is called:
a. frictional unemployment b. cyclical unemployment c. structural unemployment d. seasonal unemployment