The labor force includes individuals who are:
I. Employed
II. Unemployed
III. Discouraged workers
A) Both I and III B) I only C) Both I and II D) All I, II and III
C
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Consider two individuals, Jesse and April, who hand paint kites and snowboards. Table 3.2 shows how much of each good Jesse and April can paint in one hour. Which of the following is TRUE?
A) April has neither an absolute nor a comparative advantage in painting snowboards. B) April has both an absolute and comparative advantage in painting kites. C) April has both an absolute and comparative advantage in painting snowboards. D) April has neither an absolute nor comparative advantage in painting kites.
Which of the following statements is not characteristic of a perfectly competitive industry in long-run equilibrium?Ceteris paribus, there is no tendency for firms to either enter or exit the industry. a. A profit-maximizing firm may produce any output level at which P < LRATC. b. Every firm produces at an output level at which MC = LRATC
c. Ceteris paribus, there is no tendency for firms to either enter or exit the industry. d. No firm earns an economic profit.