Michal Levhari lost her job when Intel closed its local plant. She has been visiting the personnel offices of the other factories in the area, looking for a new job. She is regarded as being
a. a member of the labor force who is theoretically employed
b. a member of the labor force who is unemployed
c. a member of the labor force who is underemployed
d. a discouraged worker who is not a member of the labor force
e. not a member of the labor force
B
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Which of the following is an implicit cost in Jim's business venture?
i. the salary Jim could have earned at another job ii. the interest Jim must pay on the loan he incurred to help open his business iii. the interest Jim lost when he used his savings to help open his business A) i only B) ii only C) iii only D) i and iii E) ii and iii
Allocative efficiency occurs only at that output where:
A. marginal benefit exceeds marginal cost by the greatest amount. B. consumer surplus exceeds producer surplus by the greatest amount. C. the combined amounts of consumer surplus and producer surplus are maximized. D. the areas of consumer and producer surplus are equal.