54-28. The Bureau of Labor Statistics defines a person as unemployed if he or sh

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54-28. The Bureau of Labor Statistics defines a person as unemployed if he or she does no a. work full-time. b. have a job but is actively seeking one c. eam a wage above the minimum wage rate d. eam enough income to be above the poverty level 55-41·Which of the folowing peopleisfricioally unemployed? a. "I quit my job last week and will start a new one next week b. "1 lost my job because I was replaced by a robot c. "I was laid off at the Ford plant because car sales are down in the recession. d. 'I quit looking for work after unsuccessfully trying to find a job for two years 56-45. Which of the following people is cyclically unemployed? a quitmyjob last week and will start a new one next week. b. "I lost my job because I was replaced by a robot c "Iwas laid off at the Ford plant because car sales ae down in the recession." d. "I quit looking for work after unsuccessfully trying to find a job for two years. 57-48. Which of the following expenditure components of GDP can be negative or positive? A) Consumption expenditure B) Investmert C) Govenment expenditure on goods and services D) Net exports of goods and services 58.-29. In the official labor statistics, discouraged workers, those who have quit looking for job, are a counted as employed. b. counted as unemployed. c. included in the labor force. d. not included in the labor force e counted as part of the labor force but not fully employed 59-53. When economists discuss product differentiation, they are referring to a the cost structures of firms b. the diseconomies of scale. c co sumer perceptions of products. d. the profit-maximizing level of output 60-2. What is the difference between perfect competition and monopolistic competition? B) Perfect competition has barriers to entry while monopolistic compettion does not petion coes net. C) Perfect compettion has no barmers to entry, while monopolistic competition does D) In perfect competition,fims produce identical goods, while in monopolistic competition, fims produce slighitly different goods 61-1) Total cost includes A) the cost of variable resources only B) the cost of fixed resources only C) the cost of both variable and fixed resources D all explicit costs and all the implicit costs that actually must be paid using money

Explanation / Answer

54- 28. Option b. Because he/she would have any kind of jobs to lead life
55-41. Option a. Because under frictional unemployment people would quit the present job looking for new better one
56-45 Option c. Because cyclical unemployment is part of economic activity which would happen depending on growth
57-58. Option d. If imports exceed exports then net exports can be negative
58-29 Option d. Because discouraged workers are no longer looking for employment hence are not counted in labor force
59-53. Option c. minor variations in similar products
60-2. Option c. Because of nature of market structure it differs
61- 1. Option c TC=FC+VC

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