A person who has not worked in six months and has given up looking for work is officially classified as
A. employed.
B. unemployed.
C. discouraged.
D. in the labor force.
C. discouraged.
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The function of the agent in the principal-agent relationship is
A) to be trusted with the principal's information. B) to perform tasks for the principal. C) to be the legal advisor of the principal. D) to act as go-between for the principal's negotiations.
Suppose that a firm uses both labor (L) and capital (K) as inputs. The firm's long-run production function is Q = F(L,K) = 5?L?K. The firm has 100 units of capital. If the firm uses an efficient production method, how much output does it produce in the short run if it hires 25 workers?
A. 250 units B. 1,250 units C. 2,500 units D. 50 units
Economic cost
A. Includes both implicit and explicit costs. B. Includes only implicit costs. C. Decreases as the level of production increases. D. Is the sum of actual monetary payments made for resources used to produce a good.
In an economy experiencing a declining stock of capital:
A. depreciation is greater than gross private domestic investment. B. disposable income exceeds personal income. C. nominal GDP exceeds real GDP. D. gross private domestic investment is greater than depreciation.