Considering that the U.S. places a quota on imports of steel from South Korea, which of the following would NOT likely occur?
A) The price of steel in the United States would increase.
B) The quantity of steel produced in the United States would increase or stay the same.
C) The demand for steel in the United States will increase.
D) The quantity demanded for steel in the United States will decrease.
C
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The labor force is defined as the number of
A) people who are working. B) union members who are working. C) people who are working in labor-type jobs. D) employed plus the number of unemployed.
Resource use is allocatively efficient if the
A) total cost of what the resource produces is less than the total benefit of what is produced. B) total cost of what the resource produces is equal to the total benefit of what is produced. C) marginal benefit of what the resource produces has diminished to zero. D) marginal cost of what the resource produces is equal to the marginal benefit of what is produced.
In the 1990s, the unemployment rates in the U.S. were higher than that in the European nations
a. True b. False Indicate whether the statement is true or false
If 130 million individuals are employed and 6 million are unemployed, what is the unemployment rate?
a. 4.8 percent b. 3.0 percent c. 4.4 percent d. 4.6 percent e. 9.6 percent