The unemployment rate equals [(the number of people unemployed)/(the population)] × 100
Indicate whether the statement is true or false
FALSE
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Quotas that limit the quantity of imports of a foreign good provide an incentive for foreign suppliers to: I. Provide higher quality goods. II. Seek more open markets elsewhere. III. Lower prices to be more competitive. IV. Stop all trade with the country imposing the quotas. Which of the above statements are true?
a. I and II. b. I and III. c. II and IV. d. I, III, and IV. e. III only.
?19742015Minimum wage per hour$ 2.00$ 7.25Weekly income from minimum wage$80.00$290.00Cost of a standard basket of goods$47.00$236Number of baskets per week1.701.23
Use Table 2.5 above to answer the question. By what percentage did the federal minimum wage increase between 1974 to 2015?
A. 72.41 percent B. 262.5 percent C. 362.5 percent D. 525.0 percent
The inverse relationship between quantity demanded and price of a good or service can be explained, in part, by
A) a shift in the demand curve. B) diminishing marginal utility only. C) diminishing marginal utility and the rule of equal marginal utilities per dollar. D) the real income effect.
In order to “defend” its overvalued currency, Argentina in 2002 had to reduce its
A. interest rates. B. tax levels. C. holdings of foreign reserves. D. balance of payments surpluses.