Suppose the working-age population of a fictional economy falls into the following categories: 90 are retired or homemakers; 60 have full-time employment; 20 have part-time employment; 20 do not have employment, but are actively looking for
employment; and 10 would like employment but do not have employment and are not actively looking for employment. The official unemployment rate as calculated by the U.S. Bureau of Labor would equal
A) (20/80 ) × 100. B) (20/60 ) × 100. C) (30/80 ) × 100. D) (20/100 ) × 100.
D
You might also like to view...
The unemployment rate is at the natural unemployment rate when
A) frictional unemployment equals zero. B) structural unemployment equals zero. C) cyclical unemployment equals zero. D) all types of unemployment equal zero.
When marginal revenue equals price for all levels of output, the firm is operating in a perfectly competitive market
a. True b. False
The Federal Trade Commission Act:
A. prohibited selling products at "unreasonably low prices" with the intent of reducing competition. B. was passed to establish a body to enforce antitrust laws. C. outlawed stock purchases that would substantially reduce competition. D. made it illegal to monopolize a market.
Does a real-world market have to meet all the assumptions of the theory of perfect competition before it is considered a perfectly competitive market?
A) No, probably no real-world market meets all the assumptions of the theory of perfect competition. All that is necessary is that a real-world market behave as if it satisfies all the assumptions. B) Yes, if a real-world market does not meet the assumptions, then it cannot be considered a perfectly competitive market. C) Yes, unless it is a new market such as the computer market. New markets are not held to the same assumptions as old, more established markets. D) No, but it does have to meet the assumption of producing and selling a homogeneous product. It does not have to fully meet the other assumptions.