The definition of the unemployment rate is
What will be an ideal response?
the percentage of persons in the civilian labor force who are not employed.
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Answer the following statements true (T) or false (F)
1. In the short run, each firm is free to vary its maximum capacity. 2. A large number of buyers is an assumption of perfect competition. 3. As long as economic profits are being made, new firms will enter a perfectly competitive industry. 4. Under conditions of perfect competition, if a firm is suffering a loss but AR is above AFC, the firm should always continue to operate. 5. Any time market price is below AVC for all output levels, the firm can reduce its losses by shutting down.
Which one of the following describes the current state of economic development in the United States?
A) The United States is running out of natural resources, and therefore it will soon experience a drop in the rate of economic growth. B) Employment is declining in the manufacturing sector and growing in the service sector. C) Employment is declining in the manufacturing sector and growing in the agricultural sector. D) The lack of well-defined property rights in the United States means that entrepreneurs do not expect to capture the benefits of innovations they bring to the marketplace.
Equilibrium
What will be an ideal response?
What environmental problem gets worse as income rises according to your text?
What will be an ideal response?