If individuals become so discouraged that they stop seeking jobs, then the:
a. Unemployment rate rises and the employment rate falls.
b. Unemployment rate falls and employment rate stays the same.
c. Unemployment rate falls and the employment rate falls.
d. Unemployment rate remains the same and the employment rate stays the same.
e. Unemployment rate falls, and the employment rate rises.
.B
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Which of the following offers the best reason why restaurants are not considered to be perfectly competitive firms?
A) Restaurants compete in small market areas—neighborhoods and cities—rather than in regional or national markets. Therefore, restaurants are not small relative to their market size. B) Restaurants usually have entry barriers in the form of zoning restrictions and health regulations. C) Restaurants do not sell identical products. D) Restaurants have significant liability costs that perfectly competitive firms do not have; for example, customers may sue if they suffer from food poisoning.
Assuming that we can properly measure ability to pay, how do we use the principle of vertical equity to determine how much someone with greater ability to pay should pay in taxes?
a. By integrating it with the principle of horizontal equity. b. Through reference to the benefit principle. c. By looking at elasticities of demand for various income quintiles for the good in question. d. We cannot use the principle of vertical equity to answer this question.
A legal claim entitling the owner of the claim to fixed annual payments and a lump-sum payment is called a(n)
A) equity share. B) bond. C) stock. D) debit.
If consumption = $5,000; investment = $800, government purchases = $700, exports = $30, imports = $60, and transfer payments = $340, then _____
a. GDP = $7,400 b. GDP = $7,740 c. GDP = $3,140 d. GDP = $6,470 e. GDP = $6,840