Quantity demanded is determined by how much consumers are willing to pay for the good or service.
Answer the following statement true (T) or false (F)
True
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If the number of employed persons equals 180 million, the number of unemployed persons equals 15 million, and the number of persons over age 16 in the population equals 210 million, the unemployment rate equals ____ and the labor force participation rate equals ____
a. 7.1%; 85.7% b. 7.7%; 85.7% c. 7.1%; 92.9% d. 7.7%; 92.9%
Denise values a stainless steel dishwasher for her new house at $500, but she succeeds in buying one for $350 . Denise's consumer surplus is
a. $150. b. $350. c. $500. d. $850.
If a $50 billion initial increase in spending leads to a $250 billion change in real GDP, how big is the multiplier?
What will be an ideal response?
As a result of pure free trade in a commodity, the
A. price of the commodity must be the same in all countries. B. total quantity imported will exceed the total quantity exported. C. price of the commodity will be higher in the producing country. D. price of the commodity will be lower in the producing country.