Eric was laid off two months ago. He has not searched for other work because he is expecting to be recalled to work. The Bureau of Labor Statistics counts Eric as
a. unemployed and in the labor force.
b. unemployed and not in the labor force.
c. employed and in the labor force.
d. not in the labor force.
a
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You bought two new CDs with the last $30 in your checking account, and your next payday is on Monday. What is the opportunity cost of these CDs?
(A) $30. (B) Dinner and a movie with your friends Saturday night. (C) Knowing you are the first of your friends to have these CDs. (D) The difference between the cost to produce the CDs and the price you paid for them.
Economic reasoning is based on the premise that:
a. all decisions or actions are costless. b. only non-economic decisions or actions have a cost associated with them. c. only economic decisions or actions have a cost associated with them. d. all decisions and actions have a cost associated with them.