In 2016 the Bureau of Labor Statistics reported that there were 62.2 million people over age 25 whose highest level of education was a high school degree or equivalent. Of these, 33.7 million were employed and 1.8 million were unemployed. What were the labor-force participation rate and the unemployment rate for this group?
a. 54.2% and 2.9%
b. 54.2% and 5.1%
c. 57% and 2.9%
d. 57% and 5.1%
d
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Positive economic statements
A) prescribe what should be. B) are related only to microeconomics. C) can be tested against the facts. D) cannot be tested against the facts.
Suppose at the consumer's current consumption bundle the marginal rate of substitution of cheese for wine is 1/2 bottle of wine per pound of cheese. The price of one pound of cheese is $6, and the price of a bottle of wine is $10 . The consumer should increase his consumption of
a. cheese, decrease his consumption of wine, and move to a lower indifference curve. b. cheese, decrease his consumption of wine, and move to a higher indifference curve. c. wine, decrease consumption of cheese, and move to a higher indifference curve. d. cheese, decrease consumption of wine, and remain on the same indifference curve.
Refer to the graph shown. If market price increases from $5.00 per unit to $6.00 per unit, a profit-maximizing perfectly competitive firm will:
A. decrease output from 750 to 650. B. produce 850 units of output. C. increase output from 650 to 750. D. continue to produce 650 units.
Refer to the graph shown. The least likely cause of the shift from D1 to D2 is:
A. expansionary fiscal policy. B. an increase in U.S. interest rates. C. contractionary monetary policy. D. an increase in the U.S. inflation rate.