The unemployment rate is the:
A. percentage of the labor force that is out of work.
B. percentage of the population that is out of work.
C. number of workers unemployed.
D. number of workers in the labor force.
Answer: A
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Jim is planning on attending a football game. He spent $40 on the ticket. He will have to take the day off losing 8 hours of work. His hourly wage is $10 . He estimates it will cost him around $20 for gas and parking at the game. Jim's total economic cost of attending the game equals
a. $80 b. $40 c. $60 d. $140
Lags in stabilization policy refer to delays between the time when the need for stabilization policy arises and the time when the policy has its actual effects on the economy.
Answer the following statement true (T) or false (F)
Referring to Figure 18.3, the effect of a decrease in U.S. interest rates is represented by a movement from point:
A. d to a. B. c to b. C. c to d. D. b to c.
In the ultimatum game, allocators usually offer recipients at least a 40 percent share of the money, and recipients almost always reject offers of less than a 10 percent share. Which of the following does not explain why allocators offer recipients a
relatively generous share and why recipients reject meager offers? A) Fear of arousing outrage and abhorrence could influence economic decisions. B) People can and often do reject offers that offend their sense of fairness even if doing so means taking a monetary loss. C) Some people are careful not to engage in economic behavior that might offend and alienate others. D) Allocators can count on recipients to ignore all considerations except financial benefit.