The official U-3 unemployment rate includes the total number of people who
A) have jobs or are currently looking for jobs.
B) are available and looking for work but unable to find employment.
C) would like to have a job but have stopped seeking work.
D) would like to have a full-time job but are working part-time.
B
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On a short-run macro model diagram, the impact of a decrease in government purchases (G) is illustrated by
a. a downward shift of the aggregate expenditure line by the full amount of the change in G b. an upward shift of the aggregate expenditure line followed by an equal downward shift of that line c. a leftward shift of the money supply curve d. a downward shift of the aggregate expenditure line by an amount less than the change in G e. the increase in real income
Suppose a firm in a purely competitive market discovers that the price of its product is above its minimum AVC point but everywhere below ATC. Given this, the firm:
A. minimizes losses by producing at the minimum point of its AVC curve. B. maximizes profits by producing where MR = ATC. C. should close down immediately. D. should continue producing in the short run but leave the industry in the long run if the situation persists.