The sum of the unemployment rate and the employment rate always equals 100 percent
Indicate whether the statement is true or false
False
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Assume the demand for sugar decreases and the supply of sugar increases. Which of the following outcomes is certain to occur?
A. The equilibrium quantity of sugar will rise. B. The equilibrium price of sugar will rise. C. The equilibrium quantity of sugar will fall. D. The equilibrium price of sugar will fall.
If the price rises and the total amount consumers spend on the good rises, then demand must be
A. inelastic. B. perfectly inelastic. C. elastic. D. perfectly elastic.
Which combination of the following properties rules out indifference curves that intersect one another?
A. Completeness and diminishing marginal rate of substitution B. More-is-better and diminishing marginal rate of substitution C. Transitivity and more-is-better D. Completeness and more-is-better
If nation A has an absolute advantage over nation B in the production of a product, this implies that:
A. it requires fewer resources in A to produce the good than in B. B. the cost of producing the good in terms of some other good's production that must be sacrificed is lower in A than in B. C. nation B could not benefit by engaging in trade with A. D. nation A could not benefit by engaging in trade with B.