The unemployment rate in an economy is 6 percent. The total population of the economy is 290 million and the size of the civilian labor force is 150 million. The number of unemployed workers in this economy is:
A. 12 million.
B. 9 million.
C. 24 million.
D. 6 million.
Answer: B
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People are forced to make choices because of:
A. unlimited wants and unlimited resources. B. limited wants and unlimited resources. C. unlimited wants and limited resources. D. limited wants and limited resources.
Which of the following is an example of creative destruction?
A. An economic recession forces firms out of business. B. Automobile production causes the wagon industry to shut down. C. Apple earns more economic profits than other manufacturers of MP3 players. D. Starbucks shuts down stores to create greater demand for its remaining outlets.
Which of the following is NOT a barrier to entry that would allow a monopolist to keep potential competitors out of its market?
A. The firm has government authorization to be a monopoly. B. The market price of the product is too high. C. The firm has a patent on the good or control over some resource required for the production of the good. D. Significant economies of scale exist.
Industries in which firms ________ are likely to contract in the long-run.
A. suffer losses B. break even C. have positive profits D. have no competition