Suppose u = unemployed and seeking work; e = those employed; and nlf = those in the population but not in the labor force. According to the BLS, the unemployment rate is
a. u/(e + nlf)
b. u/e
c. u/(u + e)
d. u/(e + nlf)
e. u/(u + e - nlf)
C
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The addition to total output resulting from using one more unit of a productive resource is the
a. average product. b. marginal input. c. total product. d. marginal product.
Since rent controls have been in effect in New York City, apartments have been more plentiful
a. True b. False Indicate whether the statement is true or false
Corey visits a computer store. After Alicia shows him several laptop models, Corey picks one out and gives Alicia $1,200 to pay for it. Which function of money does this best illustrate?
a. medium of exchange b. store of value c. means of deferred payment d. unit of account
Figure 8.8 shows demand, marginal revenue, and costs of a duopolist. Suppose that the two duopolists have the same costs. If the two firms form a cartel and charge the profit-maximizing monopoly price, compared to perfect competition, the market price will be ________ and the total output level will be ________.
A. higher; greater B. higher; smaller C. lower; greater D. lower; smaller