Suppose that 30% of a country’s population is institutionalized in schools, hospitals, or prisons; 10% are full-time homemakers; another 10% are retired; 45% of the population is employed either full-time or part-time; and 5% of the population is unemployed and seeking work. Then the unemployment rate is
a) 5%
b) 10%
c) 15%
d) 25%
e) 55%
b) 10%
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Refer to Table 9-2. Assume the market basket for the consumer price index has two products — bread and milk — with the following values in 2011 and 2016 for price and quantity: The Consumer Price Index for 2016 equals
A) 118. B) 116. C) 86. D) 85.
Oligopolists use advertising as a way of differentiating their products
a. True b. False Indicate whether the statement is true or false
In the long run, total spending affects ________, and output is determined by ________.
A. prices; meeting demand at preset prices B. inputs and productivity; prices C. inputs and productivity; total spending D. prices; inputs and productivity
Figure 17.2 depicts a firm's marginal revenue product curve. Suppose that we observe the firm demanding three workers. If the firm is maximizing its profit, the wage rate must be between ________ and ________.
A. $30; $35 B. $25; $30 C. $20; $25 D. $15; $20