Arcadia faced very high levels of unemployment for three consecutive years. This caused social disruptions, riots, and finally the replacement of the government. In this scenario, unemployment has resulted in _____
a. a loss of lifetime earnings
b. a loss of human capital
c. the deterioration of health
d. a loss of social cohesion
d
Economics
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Refer to the accompanying figure. At a price of $3, there will be:
A. an excess supply of 2 units. B. an excess supply of 7 units. C. an excess demand of 7 units. D. an excess demand of 5 units.
Economics
Suppose a firm is hiring 20 workers at a wage rate of $60. The average product of labor is 30, the last worker added 12 units of output, and total fixed cost is $3,600. What is marginal cost?
A. $240 B. $.20 C. $5 D. $720 E. none of the above
Economics