The unemployment rate may overestimate the true extent of unemployment if:
a. many part-time employees would like to work full-time, but are unable to get the additional work.
b. many people become discouraged and cease looking for work
c. people falsely claim that they are actively seeking work in order to receive unemployment benefits.
d. all of the above
c
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Technical efficiency
A) ignores the values of the chooser. B) is a necessary precondition for the attainment of economic efficiency. C) is always attained if economic efficiency is achieved. D) is attained whenever the ratio of physical output to physical input is greater than unity. E) is easier to achieve than economic efficiency.
Suppose a paper mill earns $1,000,000 in profits when it pollutes a river, and it can abate pollution at a cost of $120,000. The effects of the pollution are confined to a single farmer who earns $400,000 if the water he uses from the river is clean, and $300,000 if it's polluted. Suppose there is no law preventing the firm from polluting the river. Which of the following describes an efficient outcome in this case?
A. The owner of the mill is unable to pay the farmer enough to secure his permission to pollute the river. B. The farmer is unable to pay the owner of the mill enough to get him to stop polluting. C. The owner of the mill pays the farmer $110,000 for his permission to pollute the river. D. The farmer pays the owner of the mill $90,000 to stop polluting.
Which of the following statements about the percent of the population aged 25 years and above completing high school in 2000 is most accurate?
a. African Americans graduate at a rate about 10 percentage points less than whites, and Hispanics graduate at a rate about 30 percentage points less than whites. b. African Americans and Hispanics graduate at the same rate that whites do. c. Hispanics graduate at the same rate as whites, but African Americans graduate at much lower rates. d. Hispanic and black males graduate at the same rate as white males, but Hispanic and black females graduate at much lower rates than white females.
When national income increases from $300 billion to $400 billion, national consumption increases from $300 billion to $360 billion. At Y = $400 billion, the MPC is
a. 0.2 b. 0.5 c. 0.6 d. 0.67 e. 1.33