Data for an economy shows that the unemployment rate is 10%, the participation rate 80 percent, and 200 million people 16 years or older are not in the labor force. How many people are in the labor force in this economy?
A. 200 million
B. 800 million
C. 80 million
D. 1.0 billion
Answer: B
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The reason the marginal cost curve increases as output increases for the typical firm is because
A. more productive resources must be employed as a firm increases output. B. less productive resources must be employed as a firm increases output. C. of diseconomies of scale. D. of diminishing marginal benefit.
________ than the economically efficient quantity of a good or service will be produced in private markets where there are ________
A) More; positive externalities B) More; social benefits C) Less; positive externalities D) Less; social costs
A firm that can sell essentially the same product with the same quality under different brand names that have different perceived quality, the firm
A) has a moral hazard problem. B) creates noise in the market. C) creates an arbitrage opportunity. D) is engaging in unfair trading practices.
If the economy is experiencing inflation, then the most appropriate government policy would be to:
A. shift the aggregate demand curve by using a tax increase coupled with spending cuts. B. shift the aggregate demand curve by using a tax increase coupled with more spending. C. shift the aggregate demand curve by using a tax cut coupled with spending cuts. D. shift the aggregate supply curve by using a tax cut coupled with more spending.