Suppose initially that the working-age population is 220 million, the labor force is 150 million, and the official U-3 unemployment rate is 10 percent
5 million new jobs are created and filled by 5 million people who had previously been discouraged workers. What is the new U-3 unemployment rate? A) 6.25 percent
B) 6.7 percent
C) 9.7 percent
D) 8.7 percent
C
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Shaniq consumes only magazine and CDs. Her income equals $60 per month. CDs are $12 each and magazines are $5 each. What is the equation for her budget line?
A) $60 = Qm + QCD B) $60 = $12Qm + $5QCD C) 12 = -2Qm + 6 D) $60 = 12QCD + 5Qm
Government subsidies for education are motivated by
A. concerns over disease. B. concerns over creating jobs for teachers. C. concerns over equity. D. concerns over choice.
A rise in the expected price level leads to an expectation that real wages will ____________, which will cause people to work __________, shifting the SRAS curve _______________
A) rise; more; rightward B) rise; less; leftward C) fall; more; rightward D) fall; less; leftward
Robert Summers and Alan Heston published data for 130 countries that used purchasing power parity, rather than market exchange rates, to compare GDP across countries. As a result, measured per capita incomes of developing countries rose relative to per capita incomes in developed countries. This is most likely because:
A. nonmarket activity is less extensive in developing countries than in developed countries. B. prices of standard goods in developing countries are generally higher than those in developed countries. C. nonmarket activity is more extensive in developing countries than in developed countries. D. prices of standard goods in developing countries are generally lower than those in developed countries.