Describe what the unemployment rate and the employment rate measure. If we were to sum the unemployment rate and the employment rate, would that sum be equal to one hundred percent? Explain why or why not
The unemployment rate measures the percentage of the civilian labor force that is unemployed and is computed by taking the number of persons unemployed and dividing by the civilian labor force. The employment rate is a measure of the percentage of the civilian noninstitutional population that is employed and is calculated by taking the number of people employed and dividing by the civilian noninstitutional population. Since these two calculations have different denominators (the civilian labor force for the unemployment rate and the civilian noninstitutional population for the employment rate) their sum would not be equal to one hundred percent.
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Mark owns a cattle ranch near Hugo, Oklahoma. Mark is currently producing beef at an output level where marginal revenue exceeds marginal cost. In order to maximize his profit, Mark should
A) not change his output. B) decrease his output. C) increase his output. D) shut down his ranch. E) probably change his output, but more information is needed to determine if he should increase, decrease, or not change it.
Refer to Table 10-7. Suppose Antonio has $10 to spend and the price of beer = $2 per glass and the price of pizza = $2 per slice. How many of each good will he consume when he maximizes his utility?
A) 2 glasses of beer, 3 slices of pizza B) 3 glasses of beer, 2 slices of pizza C) 4 glasses of beer, 5 slices of pizza D) 2 glasses of beer, 1 slice of pizza
The term "market basket" means a
A. collection of goods that can fit into an average shopping cart. B. collection of goods that is purchased during a holiday season. C. collection of goods that changes every year and is defined by Congress. D. collection of goods that is used by a typical family.
The specific structure of a U.S. corporation's charter and bylaws is constrained by:
A. preferred stockholders. B. the union's fiduciary responsibilities. C. the focal point for a set of contracts. D. the Securities Exchange Commission regulations.