Which of the following correctly describes the calculation of the unemployment rate?
A. Unemployment rate = employed ÷ unemployed × 100
B. Unemployment rate = unemployed ÷ civilian labor force × 100
C. Unemployment rate = unemployed ÷ employed × 100
D. Unemployment rate = unemployed ÷ adult population × 100
Ans: B. Unemployment rate = unemployed ÷ civilian labor force × 100
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The theory of public choice assumes that individual behavior in the political arena is motivated primarily by
a. the electorate b. social welfare c. public interest d. altruism e. self-interest
Which of the following most directly reflects the law of diminishing marginal utility?
A. After watching two football games, Terry decides to watch a third game. B. A sports fan enjoys watching Monday night football rather than going to the theater. C. After watching three episodes of her favorite show, Kim decides to go bowling rather than watch a fourth episode. D. A musician receives the biggest ovation of the evening after playing the final number of a recital.
A major difference between a monopolist and a perfectly competitive firm is that
A. the monopolist charges the highest possible price that he can. B. the monopolist's marginal revenue curve lies below its demand curve. C. the monopolist is certain to earn economic profits. D. the monopolist engages in marginal cost pricing.
An increase in the aggregate expenditures schedule:
A. Increases aggregate demand by the amount of the increase in aggregate expenditures only B. Increases aggregate demand by the amount of the initial increase in aggregate expenditures times the multiplier C. Decreases aggregate demand by the amount of the increase in aggregate expenditures D. Decreases aggregate demand by the amount of the initial increase in aggregate expenditures times the multiplier