If a city has 3293 unemployed people and 69,884 employed people, then the city's unemployment rate equals
A) 45.0%.
B) 4.5%.
C) 4.3%.
D) 0.45%.
B
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Economists agree that the CPI
A) is a near perfect measure of the cost of living. B) has no relation to the cost of living. C) is a possibly biased measure of the cost of living. D) almost always shows the cost of living rising less rapidly than is the case in reality. E) overstates inflation by about 4.1 percentage points a year.
A significant downside to network externalities is that
A) firms may network with unethical suppliers or distributors. B) there may be large switching costs to firms changing technologies. C) there may be large switching costs to consumers of changing products so that consumers end up using products with inferior technologies. D) the costs of using celebrity endorsements may be very high.
Between 1980 and 1990, the national debt
a. decreased from approximately $300 billion to $100 billion b. decreased from approximately $3 trillion to $1 trillion c. as a percent of GDP, decreased d. remained relatively unchanged as a percentage of GDP e. increased from approximately $1 trillion to over $3 trillion
The owners of a firm are earning economic profit if
a. return on their capital is lower than the opportunity cost of employing that capital in their industry. b. their total revenues exceed the monetary payments to labor and other resources in the long run after all plant size adjustments are made. c. price exceeds average variable costs at the shutdown point. d. they are earning a return on their capital that is higher than what can generally be earned in other markets.