If the people who take early retirement are not counted in the working-age population, then
A) the unemployment rate would be lower.
B) the labor force participation rate would be less.
C) the unemployment rate would be higher.
D) the labor force participation rate would be higher.
D
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Refer to Figure 17-2. Suppose the economy is at point B in the figure above. Which of the following is true?
A) The economy is producing at potential GDP. B) The current unemployment rate is 5%. C) Expected inflation and actual inflation are the same. D) The expected rate of inflation is 3%. E) The natural rate of unemployment is 3.8%.
Marginal revenue is the addition to a firm’s revenue from
A. a $1 change in price. B. a one-unit change in output. C. the sale of inferior output. D. a $1 reduction in marginal cost.
Checks are cleared internationally by:
a. First, converting them into the home currency, and then sending them to the appropriate government office (e.g., the Department of Treasury). b. Sending them to correspondent banks in the home-currency country and then clearing them through normal channels. c. Sending them to correspondent banks in the home-currency country and then clearing them through "FITS" (i.e., the Foreign International Transfer Service). d. Actually, checks are not cleared internationally. Rather, they are cleared in the country in which they are deposited. e. Sending them to foreign central banks, where they are kept until the end of the year and then settled in bulk with foreign central banks.
Suppose that when a perfectly competitive firm produces 500 units of output a day, it earns an economic loss. If the price of each unit of output is $1.50, then, in the short run, it's clear that this firm:
A. should shut down. B. is not maximizing its profit. C. should produce more than 500 units a day. D. should not shut down if its total variable cost is less than $750.