The unemployment rate is calculated as
A. the number of unemployed divided by the labor force.
B. the rate of inflation minus the rate of employment.
C. structural unemployment divided by GDP.
D. total productivity divided by frictional unemployment.
Answer: A
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What will be an ideal response?
Suppose there is a technology to produce Grendels such that there are diseconomies of scale after the first unit is produced. There are both fixed (a physical plant called a lair) and variable (food that grows in lairs) costs of production. Which statement is true?
a. b and d. b. Producing multiple units increases the average fixed cost. c. There will be no more than one firm in this industry. d. It is cheaper to make five Grendels by buying five lairs and producing one Grendel in each lair than it is to produce five Grendels in one lair. e. This is an impossible situation.
What fraction of the world's population lives on no more than $2 a day?
A. 1/10 B. 1/4 C. 1/2 D. 3/4
Consider an unregulated monopoly in Figure 13.2. If we look at the firm's long-run average cost, the firm is exhibiting:
A. diseconomies of scale. B. diminishing returns. C. economies of scale. D. increasing returns.