If the number of people classified as unemployed is 10,000 and the number of people classified as employed is 300,000, what is the unemployment rate?
A. 3.2%
B. 3.0%
C. 2.4%
D. 1.5%
Answer: A
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Drawing conclusions from international comparisons of GDP are difficult to assess because
A) GDP is understated in poorer countries because much of the work that people do is not provided in markets. B) GDP cannot be adequately evaluated as a measure of people's welfare or well-being. C) without adjusting for purchasing power parity, GDP comparisons might very well be meaningless. D) all the above reasons hold true.
A firm that can determine the price-output combination in order to maximize profit is known as a
A) price searcher. B) price taker. C) demand searcher. D) cost taker.
Monopsonists hire the amount of labor that will equate the marginal factor cost with the derived demand curve for labor.
Answer the following statement true (T) or false (F)
The law of demand shows that there is
A) an inverse relationship between price and profit. B) an inverse relationship between price and resource cost. C) an inverse relationship between price and quantity demanded. D) a direct relationship between price and quantity demanded.