If the labor force is 90 million and the number of people who are looking for jobs but cannot find them is 9 million, the unemployment rate is:
A. 9 percent.
B. 91 percent.
C. 81 percent.
D. 10 percent.
Answer: D
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If the aggregate price level at time t is denoted by Pt, the inflation rate from time t - 1 to t is defined as
A) ?t = (Pt - Pt - 1)/Pt - 1. B) ?t = (Pt + 1 - Pt - 1)/Pt - 1. C) ?t = (Pt + 1 - Pt )/Pt. D) ?t = (Pt - Pt - 1)/Pt.
The above figure shows supply and demand curves for milk. In an effort to help farms, the government passes a law that establishes a $3 per gallon price support, but allows farmers to decide how much milk to produce
The government then provides a deficiency payment to guarantee that the farmers receive $3 per gallon. The required deficiency payment equals A) b + c + f + g + h + i + j. B) b + c + f + g + h + i. C) f + g. D) b + c.
If a market basket was defined in 2014 and it cost $10,000 to purchase the items in that basket in 2014, while it cost $11,000 to purchase those identical goods in 2015, then the inflation rate from 2013 to 2014 is
A. (100-90.9)/100*100%=9.1%. B. (110-100)/100*100%=10%. C. (100-100)/100*100%=0%. D. unknown given this data.
What combination would most likely cause a shift from AD1 to AD2?
Refer to the above graph.
A. An increase in taxes and an increase in government spending
B. A decrease in taxes and an increase in government spending
C. An increase in taxes and no change in government spending
D. A decrease in taxes and a decrease in government spending