Sally lost her job when her company went out of business because of a recession. This is an example of:
a. frictional unemployment.
b. structural unemployment.
c. cyclical unemployment.
d. technological unemployment.
c
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Jed had an exam score of 50 percentage points. There is an extra credit assignment that Jed can complete that will raise his exam score by 20 percentage points. Jed has determined that the extra credit assignment will take 10 hours of his time
Jed will complete the assignment he values the A) 20 percentage points more than the 10 hours of his time. B) 10 hours of his time more than the 20 percentage points. C) 70 percentage points more than the 10 hours of his time. D) wants a higher score.
If a firm shuts down in the short run
A) it will lose its operating costs. B) its losses will be equal to zero. C) it will incur its fixed costs. D) it will incur only its explicit costs.
Which is NOT an example of moral hazard
a. people eat less at all-you-can-eat buffets b. loggers clear-cut a tract of land when paying a fixed price rather than when paying per tree felled c. Drivers of heavier, safer cares are more likely to run stop signs d. workers on commission work harder than those paid an hourly wage
What happens to total revenue given a price increase and demand is inelastic? Why?