One In The News article is titled "The Misery Index." If the inflation rate is 5 percent and the unemployment rate is 7 percent, the misery index is
A. 12 percent.
B. 35 percent.
C. 1.4 percent.
D. 2 percent.
Answer: A
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For a monopsony, the marginal cost of labor curve lies above the labor supply curve because
A) to hire one more unit of labor requires that the wage be raised for all units of labor. B) to hire one more unit of labor requires that the wage be raised for just the last unit of labor hired. C) to hire one more unit of labor, the firm uses its monopsony power to not raise the wage it pays. D) to hire one more unit of labor requires that the firm offer a lower wage.
When a person smokes a cigarette in his car and throws the butt out of the window, this is a(n)
A) marginal cost. B) external cost. C) average total cost. D) public cost.
A labor market is divided into two segments. All workers have the same qualifications and find jobs in either segment equally attractive. Initially, both segments are in competitive equilibrium. Then the development of employer prejudice reduces employment of minorities in one segment. In the long run, there will likely be a change in
a. wage rates and the composition of the work force in both segments b. neither wage rates nor the composition of the work force in either segments c. wage rates, but not the composition of the work force, in both segments d. the composition of the work force, but not wage rates, in both segments e. the wage rate, but not the composition of work force, in the discriminating segment only
If the spending multiplier is 8, then the marginal propensity to consume must be 7/8
a. True b. False Indicate whether the statement is true or false