Suppose that some country had an adult population of about 50 million, a labor-force participation rate of 60 percent, and an unemployment rate of 5 percent. How many people were unemployed?
a. 1.425 million
b. 1.5 million
c. 2.5 million
d. 5 million
b
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The difference between the maximum amount a person is willing to pay for a given quantity of a good and the amount actually paid for that quantity is called
a. producer surplus b. the substitution effect c. price discrimination d. the income effect e. consumer surplus
Which of the following is always a characteristic of the oligopoly market structure?
a. Easy, low-cost entry and exit. b. Few sellers. c. All sellers produce identical products. d. Many sellers, each small in size relative to the overall market.
When a society is more equal:
A. the more the economy grows, so the best economy is the most equal. B. economic growth will provide the most resources for its disadvantaged members. C. the more everyone gains when the economy improves, but that doesn't mean the most equal society is the best society. D. economic growth will create imbalance, and the government will need to work to equalize incomes.
Refer to the supply and demand data for a certain elective surgical procedure. If suppliers provide the quantity of health care demanded and insurance pays 50 percent of the remaining equilibrium price after a $1,000 deductible is satisfied, the quantity of health care demanded will be:
A. 4,000.
B. 7,000.
C. 11,000.
D. 16,000.