Suppose the official unemployment rate is 10 percent. We can conclude without question that:
A. the same 10 percent of the people in the economy were out of work for the entire year.
B. one of every 10 people in the civilian labor force is currently unemployed.
C. 10 percent of the people in the civilian labor force were out of work for 10 percent of the entire year.
D. every person in the civilian labor force was out of work for 10 percent of the year.
Answer: B
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Consider the following:
(i) Suppose a competitive industry has some factor of production whose supply is perfectly inelastic. As the demand for the industry's product rises and falls, what happens to the factor's employment and its rent? (ii) Repeat part i for the case where factor supply is perfectly elastic.
The open economy effect suggests that
A) a decrease in domestic price level will cause foreign residents to buy more domestic goods, increasing net exports. B) a rise in domestic price level will cause domestic residents to buy fewer imported goods. C) a rise in domestic price level will cause foreign residents to buy more domestic goods. D) a decrease in domestic price level will cause foreign residents to buy fewer domestic goods, increasing net exports.
Arbitrage
A) is the act of buying an item at a low price and reselling the item at a higher price. B) is the act of selling an item on consignment and collecting a huge portion of the proceeds to compensate for the seller's time. C) is any act of buying and selling that results in the seller earning an above normal profit. D) is the act of buying an item at a low price, bundling it with another and selling the new package at a much higher price.
Holding the total output constant, the rate at which one input X may be substituted for another input Y in a production process is:
a. the slope of the isoquant curve b. the marginal rate of technical substitution (MRTS) c. equal to MPx/MPy d. all of the above e. none of the above