Suppose the total population of an economy is 150 million, the labor force is 100 million, and the unemployment is 94 million. The unemployment rate is _____
a. 6 percent
b. 80 percent
c. 94 percent
d. 10 percent
e. 15 percent
c
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If all firms in the industry have similar demand, marginal revenue, and cost curves as the firm in the figure above, in the long run
A) nothing changes. B) some firms exit the industry and the economic losses of the remaining firms decrease. C) some firms exit the industry and the economic profits of the remaining firms increase. D) new firms enter the industry and the economic losses of the original firms decrease. E) new firms enter the industry and the economic profits of the original firms increase.
A third party is a person, or persons, who:
a. consume goods produced from at least two intermediate inputs. b. avoids the transactions of the two principal parties. c. takes risks to avoid externalities. d. internalizes the costs of market failure. e. is imposed upon by the activity of others.
Which of the following is not a part of M1?
a. Cash in the hands of the public. b. Demand deposits. c. Traveler's checks. d. Money market mutual fund (MMMF) balances. e. Corporate stocks.
A change in price that is accompanied by a change in income sufficient to leave a consumer's well-being unchanged is called:
A. an uncompensated price change. B. a compensated price change. C. an income adjusted price change. D. the income effect.