The following diagram shows the demand curve for neckties. At point a, total expenditure on neckties is:
a. ?$45.
b. ?$20.
c. ?$9.
d. ?$5.
e. ?$26.
Ans: b. ?$20.
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Data for an economy show that the unemployment rate is 6 percent, the participation rate 60 percent, and 200 million people 16 years or older are not in the labor force. How many people are employed in this economy?
A. 300 million B. 188 million C. 30 million D. 282 million
The problem of political instability has been greatest in which continent?
A. South America B. Europe C. Asia D. Africa
If an asymmetry of information is removed and laborers' preferences change against employment, this will shift the equilibrium in the labor market to the
A. northwest. B. northeast. C. southwest. D. southeast.
A point outside a production possibilities curve reflects:
a. efficiency. b. specialization. c. inefficiency. d. unemployment. e. an impossible choice.