Assume that the U.S. population is 300 million. If 70 million individuals are legally classified as unable to work (or are less than 16 years of age), 80 million are classified as unwilling to work, and 14 million are unemployed, what is the unemployment rate?
a. 10.3 percent
b. 6.4 percent
c. 4.7 percent
d. 9.3 percent
e. 6.7 percent
D
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The multiplier represents the ratio of the total shift in aggregate demand to the
A) initial shift in aggregate demand. B) total shift in long-run aggregate supply. C) initial shift in short-run aggregate supply. D) total shift in short-run aggregate supply.
Examination of data since 1953 indicates that during this period stretching more than half a century, the Phillips curve
A) fails to exist. B) is smoothly upward sloping. C) is smoothly downward sloping. D) slopes smoothly upward at first but then slopes smoothly downward.
Owners may have little to do with the management of the firm in the case of
A) partnerships. B) corporations. C) proprietorships. D) either corporations or proprietorships.
List the main employment characteristics over which a labor union negotiates for its workers