According to 2014 data on the U.S. population, which of the following groups of teenagers (ages 16-19) had the highest unemployment rate?
a. white males
b. white females
c. black males
d. black females
c
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At the output where the combined amounts of consumer and producer surplus are largest
A. marginal benefit exceeds marginal cost by the greatest amount. B. consumer surplus exceeds producer surplus by the greatest amount. C. the areas of consumer and producer surplus necessarily are equal. D. the maximum willingness to pay for the last unit of output equals the minimum acceptable price of that unit of output.
Suppose a perfectly competitive constant-cost industry is in long-run equilibrium when market demand suddenly falls. What happens to the industry in the long run?
a. It experiences no change form the original equilibrium b. It experiences a higher equilibrium price and produces more output c. It experiences a lower equilibrium price but produces more output d. It experiences the same equilibrium price but produces more output e. It experiences the same equilibrium price but produces less output
For firms selling in competitive markets, the marginal revenue product curve slopes downward only because of increasing marginal returns to the resource
Indicate whether the statement is true or false
What is the random walk theory?
What will be an ideal response?