Answer the next question on the basis of the following information about a hypothetical economy.Full-time employed = 80 Part-time employed = 25 Unemployed = 15 Discouraged workers = 5 Members of underground economy = 6 Consumer price index = 110 The unemployment rate is
A. 12.5%.
B. 25%.
C. 16.7%.
D. 18.8%.
Answer: A
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A reduction in unemployment benefits will
A) not change the amount of frictional unemployment because unemployment benefits affects only structural unemployment. B) increase the amount of frictional unemployment. C) decrease the amount of frictional unemployment. D) increase the amount of cyclical unemployment. E) not change the amount of frictional unemployment because unemployment benefits affects only cyclical unemployment.
If ________ GDP exceeds ________ GDP, employment exceeds its full-employment level and the unemployment rate is ________ the natural unemployment rate
A) real; nominal; below B) real; potential; below C) real; potential; above D) nominal; potential; above E) nominal; potential; below
The optimal public policy to correct for negative pecuniary externalities is _____
a. corrective taxation and compensation b. subsidization c. corrective taxation without compensation d. nothing
Demand is said to be ____ when the quantity demanded is very responsive to changes in price
a. independent b. inelastic c. unit elastic d. elastic