Assuming the total population is 200 million, the labor force is 100 million, and 92 million workers are employed, the unemployment rate is:
A. 10 percent.
B. 4 percent.
C. 6 percent.
D. 8 percent.
Answer: D
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The following are all final goods EXCEPT
A) flour used by the baker to make cupcakes. B) bread eaten by a family for lunch. C) pencils used by a 6th grader in class. D) Nike shoes used by a basketball player. E) a computer used by Intel to design new computer chips.
In a production possibilities frontier model, a point inside the frontier is
A) productively and allocatively inefficient. B) productively inefficient. C) productively efficient. D) allocatively efficient.
Refer to Figure 23-2. If the U.S. economy is currently at point K, which of the following could cause it to move to point N?
A) Household wealth declines. B) The price level in the United States falls relative to the price level in other countries. C) The interest rate rises. D) Congress abolishes investment tax incentives.
Would a profit-maximizing firm sell at a price where demand is inelastic? Explain.
What will be an ideal response?