Consider an economy made up of 100 people, 50 of whom hold jobs, 10 of whom are looking for work, and 15 of whom are retired. The unemployment rate is approximately
a. 10 percent
b. 12 percent
c. 17 percent
d. 20 percent
e. 25 percent
C
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Explain which of the following goods and services are included and which are not included in U.S. GDP:
a. Jacinda buys termite spray at her local Home Depot. b. Jacinda uses the termite spray she purchased at her local Home Depot to treat her house for termites. c. Arturo hires a pest control company to treat his house for termites. d. Jeannine sells her 1969 Pontiac GTO to a local car museum. e. Simon purchases a new John Deere tractor to use on his farm. f. Ravi purchases 2 round-trip airline tickets between Chicago and Las Vegas.
The socially optimal amount of pollution is
A) zero. B) greater than zero. C) indeterminant. D) unattainable.
Political forces:
A. affect the price mechanism through cultural norms. B. affect the price mechanism through scarcity. C. do not affect the price mechanism. D. affect the price mechanism through the legal system.
Suppose that an industry's long-run supply curve is downsloping. This suggests that:
A. it is an increasing-cost industry. B. relevant inputs have become more expensive as the industry has expanded. C. technology has become less efficient as a result of the industry's expansion. D. it is a decreasing-cost industry.