The unemployment rate is the number of unemployed people, expressed as
A. a ratio of total employed to the population.
B. a ratio of unemployed to the total employed.
C. a percentage of the labor force.
D. a percentage of the population.
Answer: C
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When a country loses its comparative advantage in the production of a good it:
A. should stop trading and become self-sufficient. B. will gain the comparative advantage in the production of another good. C. will become a loser in trade in the long run. D. will still have the absolute advantage in the production of the good.
Which of the following could cause a decrease in labor supply?
a. An increased preference for working in the labor market b. An increase in the number of two-family households c. An increased preference for enjoying leisure time d. A trend toward less schooling and toward earlier entrance into the labor market e. An increase in the retirement age
The resource market involves transactions dealing with
a. natural resources and financial services. b. the borrowing and lending of financial capital. c. the buying and selling of final goods and services. d. labor services, natural resources, and physical capital.
Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower