Suppose the working-age population is 220 million, the labor force is 150 million, and the unemployment rate is 10 percent. The number of unemployed people is
A) 15 million.
B) 22 million.
C) 37 million.
D) 7 million.
A
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward
Writing in The Wall Street Journal in 2009, economist Jeremy Siegel pointed out that the efficient markets hypothesis
a. was responsible for the financial crisis of 2008-2009. b. was responsible for the Great Depression of the 1930s. c. claims that prices observed in financial markets are always "right.". d. claims that prices observed in financial markets are mostly "wrong.".
Which of the following is a regressive tax?
A. a state tax of 5 percent of income B. a local sales tax of 5 percent C. the federal individual income tax D. a federal flat tax of 30 percent
A consumer's reservation price is the price at which a:
A. consumer prefers to purchase at the lowest observed price rather than to engage in another search. B. consumer is indifferent between searching again and purchasing at the lowest observed price. C. producer is indifferent between selling the product and not selling the product. D. consumer prefers to search rather than purchasing at the lowest observed price.