The unemployment rate is measured as
A) the number of people that want to work but cannot find jobs out of the entire population.
B) the percentage of people in the labor force who are unemployed.
C) an indicator to determine long-term economic growth.
D) an indicator for potential inflation.
B
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Industria specializes in the production of heavy machinery. It exports machinery to the rest of the world and imports oil from the Gulf countries. Based on this information, we can conclude that Industria is a(n) ________ economy
A) closed B) communist C) command D) open
For the short-run Phillips curve to remain relatively stable, then changes in real GDP must occur primarily as a result of shifts in: a. changes in aggregate demand
b. changes in real wages caused by changes in the supply of labor. c. changes in inflationary expectations. d. changes in aggregate supply.
If a society uses the market system, it must rely solely on markets to solve all of its problems
a. True b. False Indicate whether the statement is true or false
The demand curve faced by a pure monopolist:
A. may be either more or less elastic than that faced by a single purely competitive firm.
B. is less elastic than that faced by a single purely competitive firm.
C. has the same elasticity as that faced by a single purely competitive firm.
D. is more elastic than that faced by a single purely competitive firm.