The proportion of the labor force that is unemployed is the
A. Unemployment rate.
B. Okun's Law.
C. Employment index.
D. Underemployed rate.
Answer: A
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According to the classical model, prices and wages
A) must be set by government. B) move upward easily, but are "sticky" downward. C) are flexible. D) move downward easily, but are "sticky" upward.
New growth theory proposes that real GDP per person grows because of ________ and that growth ________
A) the pursuit of profit; can persist indefinitely B) productivity shocks; can persist indefinitely C) technological change; can only increase above the subsistence level temporarily D) productivity shocks; occurs randomly
What would the Herfindahl-Hirschman Index equal for an industry consisting of 20 firms with each holding a 5% market share?
a. 20 b. 100 c. 500 d. 2,500
Refer to the graph below. At equilibrium, the total maximum amount that consumers would have been willing to pay for the product is represented by the area:
The equilibrium point in the market is where S and D curve intersect.
A. a + b
B. a + b + c
C. a
D. b + c