In the economy of Pandemonia, 500 people have jobs, 500 people are not working but are searching for work, and 1500 people don't work and don't seek work. The unemployment rate is
A) 10 percent.
B) 40 percent.
C) 50 percent.
D) 66 percent.
E) none of the above.
C
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The Tax Reform Act of 2004
a. lowered marginal income tax rates. b. cut taxes on inheritance payments. c. lowered taxes or corporate dividends. d. Both b and c e. All of the above
From 2006 to 2008 there was a dramatic fall in the price of houses. If this fall made people feel less wealthy, then it would have shifted
a. aggregate demand right. b. aggregate demand left. c. aggregate supply right. d. aggregate supply left.
The figure above shows the demand and cost curves facing a price-setting firm. At what output is marginal revenue $20?
A. 100 units B. 200 units C. 300 units D. 400 units E. 500 units
Other things held constant, the higher the price of a good
A. the greater the producer surplus. B. the lower the producer surplus. C. the higher the supply. D. the lower the supply.