The unemployment rate is defined as the number of
a. unemployed individuals divided by the number of employed individuals.
b. employed individuals divided by the number of individuals in the working-age population.
c. unemployed individuals divided by the number of individuals in the working-age population.
d. unemployed individuals divided by the number of individuals employed plus the number of unemployed.
D
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Which of the following is directly accounted for in the calculation of GDP?
A) the value of one hour of leisure as measured by the hourly wage one would otherwise earn by working B) the value of repairing your own kitchen sink as measured by the average rates charged by local plumbers C) cash earnings from an illegal poker game D) improvements in quality of life from the reduction of pollution E) None of the above items is accounted for in GDP.
Someone who is available for work but has not actively looked for work in the previous four weeks would be classified as
A) employed. B) not in the labor force. C) not in the working-age population. D) unemployed.
In the long-run equilibrium, both the perfectly competitive firm and the monopolistically competitive firm produce the output at which MR=MC and charge a price equal to the average total cost of production
Indicate whether the statement is true or false
You want to invest in a firm whose profits show large fluctuations throughout the business cycle. Which of the following would you invest in?
A. A corporation that depends heavily on business fixed investment B. A corporation that depends heavily on government purchases C. A corporation that depends heavily on consumer services D. A corporation that depends heavily on consumer nondurables