During the 2008-09 recession, the U-6 measure of the unemployment rate
A) which counts marginally attached workers and discouraged workers as unemployed, reached 17 percent.
B) which counts marginally attached workers and discouraged workers as employed, reached 10 percent.
C) which counts marginally attached workers as unemployed but does not count discouraged workers as unemployed, reached 17 percent.
D) which counts all part time workers as employed, reached 12 percent.
E) which counts discouraged workers as unemployed but does not count marginally attached workers as unemployed, reached 17 percent.
A
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Suppose capital and labor are perfect complements in production. For output levels between 0 and 100, 2 units of labor together with 1 unit of capital produce 1 unit of output; for output levels between 100 and 200, 1 unit of labor together with 1 unit of capital produces 1 unit of output; and for output levels above 200, 1 unit of labor together with two units of capital produces one additional output. In each graph below, carefully label as much of each graph as you can. a. On a graph with labor on the horizontal axis and capital on the vertical, illustrate isoquants for 100, 200 and 300 units of output. b. Is this production technology homothetic?
c. Suppose the wage and rental rates are 10. On a graph with output on the horizontal axis and dollars on the vertical, plot the total (long run) cost of producing 100, 200 and 300 units of output and illustrate the total cost curve. d. On a separate graph with output on the horizontal and dollars on the vertical axis, illustrate the (long run) marginal cost curve and the approximate shape of the long run average cost curve. What will be an ideal response?
If the Fed believes the natural rate of unemployment is 5.5 percent and the natural rate is really 5 percent, what is likely to happen in the short run?
a. The Fed will allow unemployment to be unnecessarily high and output to be unnecessarily low. b. The Fed will allow unemployment to be unnecessarily high, but output will remain at potential. c. The Fed will allow unemployment to be unnecessarily low and output to be unnecessarily high. d. The Fed will allow output to be unnecessarily low, but unemployment will remain at the natural rate. e. The Fed will allow unemployment to be unnecessarily low and output to be unnecessarily low.
In the case where a natural monopoly exists in an industry,
a. a competitive market structure will be costly and difficult to maintain. b. a competitive market structure will be more efficient and more equitable. c. government regulations will always improve efficiency in this industry. d. economies of scale will not be a consideration when analyzing the proper structure of the industry.
A country has a (an) __________ in the production of a good it produces at lower opportunity cost than another country
A) absolute advantage B) specialization disadvantage C) tariff-efficient advantage D) infant-industry advantage E) none of the above