Suppose there are 50 million persons in the population, 25 million persons in the civilian labor force, and 20 million persons are employed. The number of persons unemployed is _______ million and the unemployment rate is ___________ percent
A) 25; 50
B) 5; 10
C) 5; 20
D) 10; 10
C
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Being a monopolist in the market
A. guarantees a positive short-run profit. B. guarantees a positive long-run profit. C. does not contradict with the rule that profit is maximized where MR = MC. D. All of these responses are correct.
The figure above shows the market for brooms. If 400 brooms are produced,
A) consumer surplus is maximized. B) producer surplus is maximized. C) market failure and a deadweight loss occur. D) marginal cost is greater than marginal benefit. E) consumer surplus equals zero.
If the price of a good doubles and quantity supplied triples, then
a. demand is elastic b. demand is inelastic c. supply is inelastic d. supply is elastic e. there is insufficient information to reach any conclusion about the price elasticity of supply
Quotas are
A. methods for reducing imports by limiting the quantity of goods from a specific country that can enter the country each year. B. taxes on imports that raise their prices and reduce their attractiveness to domestic buyers. C. voluntary agreements designed to reduce the harm to firms engaged in foreign trade. D. subsidies to foreign producers to encourage them to trade.