Refer to the above diagram. A surplus of 160 units would be encountered if price was:
A. $.50.
B. $1.10, that is, $1.60 minus $.50.
C. $1.00.
D. $1.60.
Answer: D
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If the total population is 200 million, the labor force is 100 million, and 92 million workers are employed, then the unemployment rate would be
A. 8%. B. 6%. C. 4%. D. 10%.
The problems with using the consumer price index as a measure of the cost of living are important because
a. even the appearance of high rates of inflation cause voters to become disenchanted. b. politicians have manipulated the measurement problems to their advantage. c. many government programs use the CPI to adjust for changes in the overall level of prices. d. if the price level is overstated, consumers will be taken advantage of by sellers of consumer goods.
In what sense is capital accumulation costly to a society?
Suppose that a minimum wage is set that is higher than wages for retail workers. This is ________ news for shoppers and ________ retail workers.
A. bad; good news for some, but not all B. bad; good news for all C. good; good news for some but not all D. good; good news for all