In June there are 30,000 people classified as unemployed and the size of the labor force is 600,000. The only change between June and July is that 10,000 of the unemployed give up looking for work. Which of the following is true?
A. In June the unemployment rate was 6% and in July the unemployment rate was 3.8%.
B. In June the unemployment rate was 3.8% and in July the unemployment rate was 6%.
C. The unemployment rate in both June and July was 5%.
D. In June the unemployment rate was 5% and in July the unemployment rate was 3.39%.
Answer: D
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The above table gives the demand schedule for Billy Bob's BBQ ribs. If the price of a pound of ribs falls from $3 per pound to $1 per pound, what is the change in Billy Bob's total revenue?
A) $42 B) $24 C) -$2 D) -$24
One way a government might protect monopoly rights is by:
A. granting a patent. B. heavily taxing alcohol and cigarettes. C. running unsubsidized state-owned enterprises that compete with private firms. D. All of these are ways the government protects monopoly rights.
Without a change in target inflation, anything that shifts the aggregate demand curve to the right will cause:
A. a temporary increase in output. B. an increase in output in the long run. C. a permanent reduction in inflation. D. a temporary decrease in inflation.
The Lawn Ranger, a landscaping company, has total costs of $4,000 and total variable costs of $1,000. The Lawn Ranger's total fixed costs are
A) $0. B) $3,000. C) $5,000. D) indeterminate because the firm's output level is not known.