Suppose the population of Tiny Town is 100 people and the working age population is 70. If 10 of these people are unemployed, the unemployment rate in Tiny Town is
A) 10 percent.
B) 10/70 × 100.
C) 10/80 × 100.
D) There is not enough information provided to calculate the unemployment rate.
D
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In the above figure, what is the magnitude of the marginal rate of substitution (MRS) at point a?
A) 1/2 B) the rate at which the consumer will give up magazines to purchase more CDs while preferring the new combination to the old C) 2 D) The question cannot be answered without more information.
The diamond-water paradox of value can be explained by
A) distinguishing between total utility and marginal utility. B) water's high level of utility relative to diamonds. C) water's low price relative to diamonds. D) the fact that utility cannot be measured.
What are the three ways that the government redistributes income in the United States? Briefly discuss each
What will be an ideal response?
If you own a bond with a seven percent coupon rate and new bonds are paying five percent, what will happen to your bond's market price?
What will be an ideal response?