The unemployment rate is lowest for what group?
a. All groups have the same unemployment rate.
b. People who are between 16 and 19 years of age
c. People who are 55 and older years of age
d. People who are between 24 and 54 years of age
c. People who are 55 and older years of age
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What is the shape of the demand curve faced by the perfectly competitive firm, and why?
What will be an ideal response?
The above figure illustrates the marginal social benefit and marginal social cost for chicken sandwiches. If the quantity is decreased from 6 to 3 and the price increases from $3 to $4, consumer surplus will decrease by
A) $1.50. B) $2.00. C) $3.00. D) $4.50.
Which of the following would cause an increase in the equilibrium price and decrease in the equilibrium quantity of watermelon?
A) an increase in demand and an increase in supply greater than the increase in demand B) a decrease in supply C) an increase in demand and an increase in supply D) a decrease in demand and an increase in supply
In the monetary small open-economy model with a fixed exchange rate, the domestic
A) government loses control over the level of domestic government spending. B) government loses control over the level of domestic taxes. C) government loses control over the level of domestic government spending and domestic taxes. D) central bank loses control over the domestic stock of money.