The labor force in country XYZ is 10,000,000 and the number of employed is 7,000,000. Calculate the number of unemployed and the unemployment rate
What will be an ideal response?
Labor force = Number of employed + Number of unemployed
10,000,000 = 7,000,000 + Number of unemployed
10,000,000 - 7,000 = 3,000,000
Unemployment rate = (Number of unemployed/Labor force) × 100%
3% = (3,000,000/10,000,000 ) × 100%
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Which of the following is an example of a normative economic statement?
a. The inflation rate in the United States decreased from 4 percent last year to 3 percent this year as a result of lower energy prices. b. The economy grew at an annual rate of 5 percent during the first quarter of this year. c. If two automobile companies merge, it is likely that the price of automobiles will rise. d. An increase in international trade benefits some workers but hurts others. e. The minimum wage should be increased so that low income workers can afford to keep up with the cost of living.
Major economies around the world, such as the U.S. and Great Britain, are largely independent of one another, and thus their economic fluctuations bear little relationship to one another
Indicate whether the statement is true or false
When estimating a short-run production function of the form Q = AL3 + BL2, it is necessary to specify in the computer routine that
A. B > 0. B. A < 0. C. the intercept term is forced to equal zero. D. a and b E. all of the above
A decrease in productivity will cause
A. AS to increase (move down and to the right). B. AS to decrease (move up and to the left). C. AD to decrease (move to the left). D. AD to increase (move to the right).