Unemployment refers to a situation in which an individual:
a. prefers part-time work rather than full-time work
b. has given up looking for a job because he is discouraged about his prospects.
c. is looking for a job but is unable to find one.
d. is jobless and also not looking for a job.
c
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Briefly define a tariff and a quota. Do any of these methods restrict trade without harming domestic consumers?
What will be an ideal response?
If a firm is to capture all consumer surplus with two-part pricing when customers are different
A) it must be able to charge different access fees. B) it cannot charge different prices for access fees. C) it must set unit price below marginal cost. D) it must set unit price above marginal cost.
All of the following shift the supply of watches to the right except
a. an increase in the price of watches b. an advance in the technology used to manufacture watches c. a decrease in the wage of workers employed to manufacture watches d. manufacturers' expectations of lower watch prices in the future. e. All of the above cause an increase in the supply of watches.
During World War II, the economy's production increased about
a. 25 percent and prices rose about 5 percent. b. 50 percent and prices rose about 10 percent. c. 75 percent and prices rose about 15 percent. d. 100 percent and prices rose about 20 percent.