Suppose that the population is 275 million. Also assume that the labor force is 135 million and that 130 million people are employed. Calculate the unemployment rate
What will be an ideal response?
The unemployment rate is (5 million unemployed ÷ 135 million labor force) × 100 = 3.7 percent.
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Price controls would ordinarily be used to increase rather than decrease prices of depletable resources
a. True b. False Indicate whether the statement is true or false
What makes someone an entrepreneur?
What will be an ideal response?
People decide how much schooling to receive based on
A. the marginal rate of return to schooling. B. their ability to succeed in education programs. C. their discount rate. D. the present value of expected future earnings. E. All of the above factors influence how much schooling one receives.
When there is a surplus of a product in an unregulated market, there is a tendency for
A. quantity supplied to decrease. B. price to fall. C. price to rise. D. quantity demanded to increase.