Suppose that in 2020 the average citizen's federal tax bill is $12,466, and total federal spending is $10,824 per person. In 2020, the federal government will have

Tyler was fired when a machine took over his duties. He is so frustrated that he has decided to wait a few months before looking for a job. What type of unemployment is he?

a. frictional b. natural c. not unemployed d. structural

Suppose that a competitive firm hires labor up to the point at which the value of the marginal product equals the wage and that labor is the only input that varies for the firm. If the firm pays a wage of $700 per week and the marginal product of labor equals 10 units per week, then the marginal cost of producing an additional unit of output is

a. $7. b. $70. c. $700. d. We do not have enough information to answer this question.