The Bureau of Labor Statistics does not count discouraged workers as unemployed. Suppose discouraged workers were counted as unemployed. Explain how the unemployment rate and the labor force participation rate would change
What will be an ideal response?
Both the unemployment rate and the labor force participation rate would increase. The number of unemployed would rise, as would the labor force. The unemployment rate would rise because adding the same number to the numerator and the denominator of a fraction that is less than one increases the value of the fraction. The labor force participation rate would rise because the labor force increases with no change in the working-age population.
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Critically evaluate the following statement. "If a country can produce a good using fewer inputs than other country then that means that country enjoys a comparative advantage."
What will be an ideal response?
How would the prices of sodas and cookies decreasing affect utility maximization?
A. Your budget line would not change but your indifference curve would get steeper to consume more of both goods. B. Your indifference curve would shift outward (to the right) and you could consume more. C. Your budget line would shift outward (to the right) and you could consume at a higher indifference curve. D. Your indifference curves would shift inward (to the left) and you would consume less of each good but have more extra money.
Refer to the information provided in Figure 5.3 below to answer the question(s) that follow.
Figure 5.3Refer to Figure 5.3. Use the midpoint formula. If the price of a gardenburger decreases from $8 to $7, the price elasticity of demand equals ________ and demand is ________.
A. -2.29; inelastic B. -0.47; inelastic C. -3.5; elastic D. -2.14; elastic
Price discrimination exists when a firm sells the same good at __________________ to different groups of customers.
a. more than two prices b. more than three prices c. the same price d. more than one price