Exhibit 6-2 Refer to Exhibit 6-2. The employment rate in year 3 is
a. 12 1/2 percent.
b. 33 1/3 percent.
c. 70 percent.
d. 66 2/3 percent.
e. 25 percent.
Answer: b. 33 1/3 percent.
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Suppose the market for hot pretzels in New York City is perfectly competitive. What is true of demand in this market?
a. The demand curve facing each seller is perfectly elastic. b. The demand curve facing each seller is perfectly inelastic. c. The market demand curve is perfectly elastic. d. The market demand curve is perfectly inelastic. e. The market demand curve is elastic.
The phrase "race to the bottom" refers to the situation in which globalization results in countries competing for international investment by imposing low or no environmental regulations or labor standards
a. True b. False Indicate whether the statement is true or false
Between 1998 and the end of 2000, the U.S. ran a large trade deficit; this should have caused the dollar to depreciate against foreign currencies but instead the dollar appreciated. The main reason for this is:
A. the dramatic increase in U.S. stock prices attracted a lot of foreign capital increasing the demand for dollars by more than the increase in the supply of dollars. B. the supply of dollars actually fell. C. the demand for dollars shifted left by more than the supply of dollars shifted right. D. foreign exchange markets are slow to react.
Refer to Figure 22.3 for a perfectly competitive firm. At a market price of $23, total profits are maximized at an output of
A. 31. B. 13. C. 39. D. 25.