The equation E¥/£ = 100 means that:
a. one yen buys 10 pounds.
b. 0.1 yen buys one pound.
c. 10 yen buy one pound.
d. 0.01 yen buys one pound.
Ans: c. 10 yen buy one pound.
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Dividing the number of people unemployed by the civilian labor force gives us
A) the employment rate. B) the unemployment rate. C) the labor force participation rate. D) none of the above.
You own an ice cream store and are concerned that an employee may be giving generous scoops to friends and relatives and smaller scoops to some other customers. This may be reducing sales. If you want your employee to stop giving larger scoops to friends and relatives, which of the following is not a good approach?
a. Make visits to the store at the same time each day. b. Pay employees an above equilibrium wage. c. Give your employees a monthly bonus based on profits. d. None of the above are good approaches.
Suppose there are two individuals with identical demand curves characterized by the equation P = 2 - Q. What is market demand if these demand curves are added horizontally? Vertically?
What will be an ideal response?
Policy should create an environment in which the economy can expand its productive capacity rapidly, because that is the ultimate source of higher living standards. This task is the realm of
A. growth policy. B. stabilization policy. C. labor policy. D. inflation policy.