Which of the following is the correct formula for determining the unemployment rate?
a. [(The number of unemployed, working-age people seeking work)/(The number of people in the labor force)] x 100.
b. (The total number of employed / The number of people in the labor force) x 100.
c. (The total number of unemployed / The number of working-age people seeking work) x 100.
d. (The number of people in the labor force / The number of working-age people seeking work) x 100.
a
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The payments in return for labor and capital are _____, respectively.
a. ?profit and rent b. ?rent and wages c. ?interest and profit d. ?wages and interest e. ?profit and wages
For economists, historical episodes
a. are not worthy of study because they offer few insights into current economic events and problems. b. are not worthy of study because laboratory experiments provide more reliable data. c. are worthy of study because economists rely entirely on observation, rather than on theory. d. are worthy of study because they serve as valuable substitutes for laboratory experiments.
Airline knows from exp. Vacation travel has elastic demand for travel whereas business travels have an inelastic demand for travel in order maximizes the airline should?
A. Offer everyone a discount to increase sales. B. Increase price to everyone. C. Try to increase price for vacation travelers and decrease price for business travelers. D. Try to decrease price for vacation travelers and increase price for business travelers. E. Ignore this information.
A patent
A) grants the creator of a book, film, or piece of music the exclusive right to use the creation for 20 years. B) grants the creator of a book, film, or piece of music the exclusive right to use the creation during the creator's lifetime. C) gives a firm the exclusive right to a new product for 20 years from the date the patent application is filed with the government. D) gives a firm the exclusive right to a new product during the product inventor's lifetime.