If the unemployment rate is 7% and the number of people employed is 300,000, total number of people unemployed is approximately
A. 21,000 people.
B. 22,580 people.
C. 23,330 people.
D. 42,050 people.
Answer: B
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The natural rate of unemployment is defined as the rate of unemployment that
A) exists only during periods of recession or depression in the economy. B) exists due to welfare and unemployment benefits that reduce potential workers' incentives to find work. C) prevails in long-run macroeconomic equilibrium, when all workers and employers have fully adjusted to any changes in the economy. D) prevails in the short-run macroeconomic equilibrium, before workers and employers have had a chance to adjust to an economic shock.
When two countries specialize in the production of different goods and trade with each other, it is most likely each country will
A) export the goods in which it has a comparative advantage. B) export the goods in which it has an absolute advantage. C) import the goods in which it has a comparative advantage. D) import the goods in which it has an absolute advantage.
a short-run altercation between economic upturns and downturns
What will be an ideal response?
Why would a bumper crop be bad news for farmers?
A. Their crop has an inelastic demand, and the resulting drop in price reduces their total revenue. B. Their crop has an elastic demand, and the resulting drop in price reduces their total revenue. C. Their crop has an inelastic demand, and the resulting drop in price raises their total revenue. D. Their crop has an elastic demand, and the resulting drop in price raises their total revenue.