In an economy with 100 million people, 70 million hold civilian jobs and 19 million are not working but are looking for jobs. The unemployment rate is
A) 12.86%
B) 21.35%.
C) 9.19%.
D) 27.14%.
E) 2.87%
B
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Which of the following statements is true?
A) The total cost of production in a perfectly competitive market can be minimized only when the marginal costs across firms in the market are different. B) When a competitive market is allowed to operate efficiently, firms end up producing goods using the least amount of scarce resources. C) Under a perfectly competitive framework, a ruling authority is essentially required to dictate goals for the betterment of society. D) A firm interested in maximizing profits in a perfectly competitive market will produce output at a level where marginal revenue is equal to the price and greater than the marginal cost.
Consider a general Cobb-Douglas production function q = ALaKb
where A, a and b are positive constants. Using this production function, derive the short-run cost function for a fixed capital stock, K0, wage rate w, and capital rental rate r.
Refer to Figure 9.1. If the government establishes a price ceiling of $20, how many widgets will be sold?
A) 20 B) 30 C) 40 D) 50 E) 60
According to the contestable market model, if there are no barriers to entry or exit, the price an oligopolist sets will be equivalent to average total cost.
Answer the following statement true (T) or false (F)