Which of the following people would be classified as fictionally unemployed?
a. Computer programmers who lost their jobs because of a recession.
b. Construction workers who are on temporary layoff.
c. Elementary school teachers who do not have summer jobs.
d. Textile workers who lost their jobs because of new foreign competition.
b
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Suppose y = Ak1/4, the capital-labor ratio is $40,000 per worker, the level of total factor productivity is 800, 70% of the population works, and there are 70 million workers. Real GDP per capita is
A) $3,500.00. B) $5,543.72. C) $7919.60. D) $9,899.50.
If Helen gives up the opportunity to bake 40 cakes for each room she paints and Josh can paint one room in the time it takes him to bake 60 cakes, which of the following is true?
a. The opportunity cost of painting is higher for Helen. b. The opportunity cost of baking cakes is lower for Josh. c. The opportunity cost of painting one room is 1/40 of a cake for Helen. d. The opportunity cost of baking one cake is 60 rooms painted for Josh. e. The opportunity cost of cakes cannot be computed.