Which of the following is true?
A) To be classified as employed, you must work at least 20 hours per week at a paid job.
B) If you are not working and turn down a job offer in the previous week, you are no longer classified as unemployed.
C) To be classified as employed, you must be a full-time worker at a paid job.
D) Part-time workers are all those who work less than 40 hours per week.
E) To be classified as employed, you must work at least 1 hour per week at a paid job or 15 hours or more as an unpaid worker in your family business.
E
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
The goal of the perfectly competitive firm is to
A) maximize total revenue. B) maximize total profits. C) minimize AFC. D) minimize ATC.
Those economists who believe that the economy is self-regulating argue that wages are flexible, so they think that the economy can remove itself from a recessionary gap without government intervention
Indicate whether the statement is true or false
The four largest firms account for approximately 95% of U.S. cigarette sales. The U.S. cigarette industry would be best classified as a(n)
A. oligopoly. B. monopolistically competitive industry. C. monopoly. D. perfectly competitive industry.