Which of the following is not a way to become officially unemployed?
a. Quit your job to look for a better job in another part of the country.
b. Be fired from your job.
c. Look for a job after being out of the civilian labor force for five years.
d. Retire.
e. Look for a job only for the period in the summer that you are out of school.
d
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Standard economic theory asserts that sunk costs are irrelevant in making economic decisions, yet studies conducted by behavioral economists reveal that sunk costs often affect economic decisions. Which of the following could explain this observation?
A) Even though sunk costs cannot be recovered, it has been incurred and therefore should be treated as part of the product's value. B) People measure the value of a good in terms of its purchase price. C) Sunk costs have a higher opportunity cost than costs that can be recovered. D) If consumers maximize their utility, it makes sense to consider the full purchase price of a product in their consumption decisions.
A Mexican oil field service company works on oil rigs in the U.S. The value of the company's services produced by Mexican citizens and the equipment they own is included in
a. Mexican GNP and U.S. GNP. b. Mexican GDP and U.S. GNP. c. Mexican GNP and U.S. GDP. d. Mexican GDP and U.S. GDP.