In an economy, 180 million workers are employed out of a labor force of 200 million and a total population of 310 million. The unemployment rate is:
a. 3.1 percent
b. 1.85 percent
c. 10 percent
d. 5 percent
Answer: c. 10 percent
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Consider the following three statements:
i. You can either stand during a college football game or you can sit. You believe that you will see the game very well if you stand and others sit but that you will not be able to see at all if you sit and others stand. You therefore decide to stand. ii. Your friend tells you that he expects many people to stand at football games. iii. An economist studies photos of many college football games and estimates that 75 percent of all fans stand and 25 percent sit. Which of these statements deals with optimization, which deals with equilibrium, and which deals with empiricism? Explain.
If expected inflation declines by 2%, what should happen to nominal interest rates according to the Fisher effect?
A) rise by 2% B) fall by 2% C) be cut in half D) double in size
Over the years, there have been many programs designed to help the poor. One of the more popular ones has been the Earned Income Tax Credit (EITC). What makes this program so popular?
What will be an ideal response?
Compared to investing in physical capital, human capital investments are more likely to be influenced by
a. nonmonetary considerations. b. depreciation rates. c. the rate of return. d. opportunity costs.