The unemployment rate is calculated as:
A) (number of unemployed) ÷ (number of employed + number of unemployed).
B) (number of unemployed) ÷ (number of employed).
C) (number of employed + number of unemployed) ÷ (labor force).
D) (labor force) ÷ (number of unemployed).
A
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According to two economists, George Ackerlof and William Dickens, how can cognitive dissonance affect workers' perceptions of their jobs?
A) Cognitive dissonance causes workers to perceive they are victims of discrimination when, in fact, they are not. B) Cognitive dissonance might cause workers to underestimate the true risks of their jobs. C) Cognitive dissonance makes workers believe that measures to improve their health and safety in the workplace are ineffective. D) Cognitive dissonance causes a worker to believe his marginal revenue product is greater than it really is.
In the four-part diagram used to construct the IS curve, a decrease in the interest rate causes
A) an increase in Ap and induced saving but does not shift the IS curve. B) an increase in Ap and induced saving and shifts the IS curve to the right. C) a decrease in Ap, an increase in induced saving, and shifts the IS curve to the right. D) a decrease in Ap and a decrease in induced saving, but does not shift the IS curve.
Explain the relationship between interest rates and (1) investments in housing, and (2) business investments.
What will be an ideal response?
All of the following are assumptions of monopolistic competition EXCEPT
A. easy entry of new firms in the long run. B. many buyers and sellers. C. homogeneous product. D. profit-maximizing behavior.