The unemployment rate equals the number of persons:
a. unemployed divided by the number employed.
b. unemployed divided by the number in the labor force.
c. unemployed divided by the population age 16 and over.
d. not working divided by the population age 16 and over.
b
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At the midpoint of a straight-line demand curve, the price elasticity of demand is:
A. greater than one. B. zero. C. less than one. D. equal to one.
During the great canal-building era, from roughly 1815 to 1843, Hughes and Cain (2011) claim that
(a) most canals earned normal profits. (b) no canals earned profits. (c) all canals in the initial period of construction earned normal profits but none did in the later period because of over-construction and competition from the railroads. (d) the Erie Canal was one of the few, perhaps the only one, to earn normal profits.
Which of these is true of the expected price level in a labor market? a. It is the equilibrium price level in the short run
b. It determines the actual price level in the short run. c. It determines the actual price level in the long run. d. It allows firms and resource owners to make long-term wage agreements. e. The difference between the expected and actual price levels is equal to the actual inflation rate.
The fundamental cause of monopoly is