lort, meH Which of the foll a. The number of people unemployed is lower now than

Question

lort, meH Which of the foll a. The number of people unemployed is lower now than ever before. o b. The number of people in the labor force is higher now than ever before. Oc. The employment rate is higher now than ever before. Od. The number of people employed is higher now than ever before. O e. The unemployment rate is lower now than ever before. QUESTION 16 If a firm produces and sells only one unit of a good, its profit would be equal to the: a difference between the price of the good and the cost of the resources used to produce the good. b.sum of the price of the good and the wages paid to labor. Oc. market price of the good. d.product of the wages paid to labor and the market price of the good. e. difference between the interest paid by the firm on its outstanding loans and the rate of depreciation. QUESTION 17 The difference n a positive economic statement and a normative economic statement is that: a, a normative statement must be true, while a positive statement is often not true. b. a positive statement must be true, while a normative statement is often not true. c. a positive economic statement is a moral judgment, while a normative economic statement is not a moral ji d. a normative statement can be verified, while a positive statement cannot be verified. O e. a positive statement can be verified, while a normatio

Explanation / Answer

16.Profits=Total revenue(TR)-Total cost(TC)

TR=P*Q

Q=1

TR=P

TC=cost of a unit of input(C)*total output(Q)

TC=C

Profit=P-C.

Answer is A.

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