Assume that the U.S. labor force consists of 185 million workers and that 17.5 million are officially unemployed. Calculate the unemployment rate
a. 11.4 percent
b. 10.0 percent
c. 9.5 percent
d. 7.5 percent
e. 10.8 percent
c
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Which of the following is an economic argument used to explain why slavery persisted in the U.S.?
(a) Slavery crushed out individualism among slaves. (b) The social structure of slavery did not permit black leaders to lead revolts. (c) Slavery was an overall moral institution. (d) Slavery was a rational institution.
The perfectly competitive widget industry is in long-run equilibrium. A profit-maximizing manufacturer receives total revenue of $55,000. He uses his labor, $15,000 worth of wire, and $15,000 worth of steel to make the widgets. The manufacturer
A. is earning an economic profit of $25,000. B. must have an opportunity cost of labor of less than $25,000. C. must have an opportunity cost of labor of exactly $25,000. D. must have an opportunity cost of labor of more than $25,000.
While Schumpeter's view that clusters of innovations can set off an innovation cycle is quite different from the views held by real business cycle theorists, they both
a. believe that cycles are not inevitable but the result of historical accidents b. believe that cycles are inherent and inevitable c. they both focus their analyses on technological change d. view the interaction of the multiplier and accelerator as the key factor prolonging the innovation cycle e. advocate strong countercyclical fiscal policy as a means of creating a more stable growth path for the economy
The two types of imperfectly competitive markets are
a. markets with advertising and markets with price competition. b. public goods and common resources. c. oligopoly and monopoly. d. monopolistic competition and oligopoly.