The unemployment rate equals the
a. number of employed persons divided by the number of unemployed persons.
b. number of unemployed persons divided by the civilian non-institutional population.
c. number of unemployed persons divided by the civilian labor force.
d. sum of unemployed persons and discouraged workers divided by the civilian labor force.
Answer: b. number of unemployed persons divided by the civilian non-institutional population.
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Monopolistic competition is characterized by firms
A. producing differentiated products. B. producing where price equals marginal cost. C. making economic profits in the long run. D. producing at optimal productive efficiency.
Many extended periods of high actual unemployment above the natural rate have been the result of
A) deliberate government anti-inflationary policy. B) high job turnover. C) mismatches in the labor market. D) unemployment compensation.
If we move to the right along the upward-sloping labor supply curve, we observe that the cost of labor
A. Decreases due to the increasing opportunity cost. B. Decreases due to the decreasing opportunity cost. C. Increases due to the increasing opportunity cost. D. Increases due to the decreasing opportunity cost.
An elastic response in the quantity of a good demanded would be caused by
A. the availability of many substitutes. B. a lack of sensitivity to the good's price. C. the good representing a small portion of a person's budget. D. a lack of substitutes.