The unemployment rate is computed as the number of unemployed
a. divided by the labor force, all times 100.
b. divided by the number of employed, all times 100.
c. divided by the adult population, all times 100.
d. times the labor-force participation rate, all times 100.
a
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In a perfectly competitive market, the market clearing price:
A) is always equal to the equilibrium price. B) is unrelated to the equilibrium price. C) is always lower than the equilibrium price. D) is always higher than the equilibrium price.
Figure 7-3
?
Government provides many goods and services to the public because they are not provided by free markets. Some economists believe bureaucrats who manage the programs have no interest in maximizing net benefits (profits) but instead maximize the size of a program constrained only by the need to have total benefits exceed total costs. Figure 7-3 shows total benefits and cost curves for a program. What point is the efficient point, and what point will the bureaucrat choose?
A. A and B, respectively B. B and D, respectively C. D and C, respectively D. D and A, respectively
Profit is equal to: a. price times quantity
b. total cost times quantity. c. total cost minus total revenue. d. total revenue minus total cost.
As one moves southeast on a linear demand curve
A. demand becomes more inelastic. B. demand becomes more elastic. C. elasticity stays the same. D. one cannot tell what happens to elasticity unless the slope of demand is known.