Who among the following individuals will not be a part of the U.S. labor force?
a. An unemployed computer worker who has given up looking for a job
b. A college graduate seeking job after graduation
c. An unemployed person who is not working because of a labor dispute
d. A person who can work only part-time
e. A person who recently moved to a new city and has not yet found a job
a
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The optimal quantity of air pollution is
A) whatever amount of pollution is produced by the profit maximizing firm. B) found by equating the marginal benefits from further reductions in pollution and the marginal costs of further reductions in pollution. C) found by setting the quantity of air pollution equal to the quantity of water pollution. D) a meaningless concept since monetary values cannot be attached to problems associated with pollution.
A firm is observed using 15 units of input X when the price of X is $2. If the price of X increases to $4, the firm uses only 6 units of it. What is the price elasticity of demand for input X? (Use the simple formula for percent change: [(new# - old#)/old#] x 100%)
A. 1/2 = 0.5 B. 3/5 = 0.6 C. 5/3 = 1.67 D. 2