From 1948 to 2011, the average unemployment rate in the United States was approximately
A) 9.6 percent. B) 24.4 percent. C) 5.8 percent. D) 12.0 percent. E) 3.1 percent.
C
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What is the difference between nominal variables and real variables? Discuss the calculations undertaken to determine the real wage rate and the real interest rate. Explain why the real wage rate and real interest rate are real variables
What will be an ideal response?
When economic profits in a perfectly competitive industry are positive
A. firms will increase output to earn even higher profits. B. firms will increase prices while they have the opportunity. C. new firms will be attracted to the industry, and economic profits will decline to zero. D. the industry is in equilibrium.
Nominal gross domestic product
A. Is a measure of the overall level of prices B. Measures the value of final output produced within a nation in one year, using current prices C. Measures the value of final output produced within a nation in one year, adjusted for changing prices D. Only changes when the level of output changes
The use of marginal cost pricing in Figure 27.1 will result in
A. Only normal profits. B. Economic losses. C. Economic profits. D. A fair rate of return on invested capital.