If the total population is 200 million, the labor force is 100 million, and 92 million workers are employed, then the unemployment rate would be
A. 8%.
B. 6%.
C. 4%.
D. 10%.
Answer: A
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Along any IS curve
a. both government spending and expectations are fixed. b. government spending and the price level may vary. c. consumption and the price level are fixed. d. both government spending and tax rates may vary. e. all of the above
Based on the information above, video games have
a. A unit elastic demand curve b. A inelastic demand curve c. A elastic demand curve d. A perfectly elastic demand curve
If the price elasticity of demand for a good is -0.8 and quantity demanded decreases by 40%, price must have
A. decreased by 20%. B. increased by 32%. C. increased by 5%. D. decreased by 32%. E. none of the above
The production possibilities curve for two products is bowed out because
A. the qualities of the resources are not identical. B. there are unemployed resources. C. as the production of a good increases, opportunity cost is unchanged. D. as the production of a good increases, opportunity cost increases.