In an economy with a population of 300 million persons, 130 million hold civilian jobs and 8 million are not working but are looking for jobs. The unemployment rate is
a. 6.2 percent.
b. 8.6 percent.
c. 2.7 percent.
d. 9.4 percent.
e. 5.8 percent.
Ans: c. 2.7 percent.
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Suppose the total cost of producing T-shirts can be represented as TC = 50 + 2q. The marginal cost of the 5th T-shirt is
A) 2. B) 10. C) 12. D) 60.
The portion of unemployment that is attributable to an overall decline in the economy's business activity is called: a. frictional unemployment. b. underemployment
c. cyclical unemployment. d. structural unemployment.
When Adam Smith's ten pin workers specialized, they were able to increase output of pins in a day from 200 to 48,000. One reason for the increase in pin output was due to
A) the time saved when workers do not need to shift from one task to another.
B) the boredom the workers suffered when they stopped making a whole pin and only concentrated on one task such as painting the heads white.
C) new machinery.
D) the bonus they received when they produced more pins.
In the long run, monetary growth
A. can change the unemployment rate while holding the inflation rate constant. B. can promote economic growth. C. cannot affect the factors that determine the economy's unemployment rate. D. can change the unemployment rate only at the cost of increased inflation.