The table shows data reported by Statistics Canada for 1999. In 1999, the unemployment rate was
A) 1.2 million.
B) 5.0 percent.
C) 7.6 percent.
D) 7.9 percent.
E) 6.1 percent.
C
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Suppose a Chinese restaurant routinely provides free fortune cookies to its customers. The economic way of thinking suggests the restaurant is
A) engaging in predatory pricing of its meals. B) attempting to increase its total profit. C) selling Chinese food below cost. D) doing all of the above. E) almost certainly doing none of the above.
To say that people make decisions at the margin means that:
a. wait until the last minute before making a decision.
b. weigh the additional costs and additional benefits of small changes.
c. make decisions that determine whether or not they will live their lives on the edge of subsistence.
d. make decisions on issues that are relatively unimportant for their economic well-being.
Which of the following cities does not have a Federal Reserve Bank?
a. Dallas b. Kansas City c. Los Angeles d. Cleveland e. Miami
What is the marginal rate of substitution, and what role does it play in determining the consumer's optimum choice?