7. Economists say that there is unemployment when:
A) there is excess demand in the labour market
B) at the going wage rate there are people who want to work but cannot find work
C) there are people who are not willing to work at the going wage rate
D) there are less unfilled vacancies than there are people seeking work
8 The change in price that results from a leftward shift of the supply curve will be greater if
A) the demand curve is relatively steep than if the demand curve is relatively flat.
B) the demand curve is relatively flat than if the demand curve is relatively steep.
C) the demand curve is horizontal than if the demand curve is vertical.
D) the demand curve is horizontal than if the demand curve is downward sloping.
9. If an increase in income results in a rightward parallel shift of the demand curve, then at any given price, the price elasticity of demand will have
A) increased in absolute terms.
B) decreased in absolute terms.
C) remained unchanged.
D) increased, decreased or stayed the same. It cannot be determined.
10. Marginal Benefit refers to:
A) the average benefits that arise by using an additional unit of the managerial control variables.
B) the additional benefits that arise by using an additional unit of the managerial control variables.
C) the change in average benefits arising from a change in the control variable.
D) none of the above.