In the economy of Euphoria, 400 people have jobs, 200 people are not working but are searching for work, and 100 people don't work and don't seek work. The unemployment rate is
A) 20 percent.
B) 25 percent.
C) 33 percent.
D) 50 percent.
E) none of the above.
C
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In one week, Mohammed can knit 5 sweaters or bake 240 cookies. The opportunity cost per sweater for Mohammed is
a. $240 b. 240 cookies c. 48 sweaters d. 1/48 of a cookie e. 48 cookies
Differences in the productivity of labor accounts for comparative advantage if:
a. the minimum wage varies across countries. b. the size of the domestic market varies across countries. c. the labor hours required to produce each good varies across countries d. the strength of workforce varies across countries. e. the laborers are paid different wages in different countries.
Which of the following is a liability of a family?
A. Checking account balance B. Mortgage C. Share of stock D. House
A year-long drought that destroys most of the summer's crops would be considered a:
A. short-run supply shock. B. long-run demand shock. C. long-run supply shock. D. short-run demand shock.