If the number of unemployed workers in an economy is 4 million, and the size of the labor force in the economy is 16 million, the unemployment rate in the economy is:
A) 8 percent. B) 4 percent. C) 30 percent. D) 25 percent.
D
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There is ________ relationship between inflation and central bank independence and ________ relationship between long-run rates of unemployment and central bank independence
A) a negative; no B) a negative; a negative C) a positive; no D) a positive; a negative
When quantity is measured in gallons, the price elasticity of demand for milk will be __________ the price elasticity when quantity is measured in quarts
a. the same as b. four times c. one quarter d. two times e. less than
If the opportunity cost of capital is below the rate of return to capital in the perfectly competitive beauty salon industry,
a. resources will flow into the industry. b. beauty salon owners must be earning negative economic profit. c. the beauty salon industry cannot be in long-run equilibrium. d. beauty salon owners must be earning negative marginal revenue at their current levels of output.
Ford Motor Company announces that next month it will offer $3,000 rebates on new Mustangs. As a result of this information, today's demand curve for Mustangs
a. shifts to the right. b. shifts to the left. c. shifts either to the right or to the left, but we cannot determine the direction of the shift from the given information. d. will not shift; rather, the demand curve for Mustangs will shift to the right next month.