The target rate of unemployment is defined as the:
A. lowest sustainable rate of unemployment achievable under existing conditions.
B. lowest rate of unemployment that will eliminate the business cycle.
C. highest sustainable rate of unemployment achievable under existing conditions.
D. highest unemployment rate at which there is no cyclical or structural unemployment.
Answer: A
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Refer to Figure 21.1. The middle 20% of the population earn ________ of total income
A) 16% B) 23% C) 28% D) 32%
An additional worker will add to the profit of a business, and therefore be more likely to be hired, if the
A. marginal cost of labor is greater than the marginal revenue. B. marginal revenue is less than the price of the output of the business. C. average cost of labor is positive. D. wage is less than the marginal revenue.
Which of the above diagrams illustrate(s) the effect of a decline in the price of personal computers on the market for computer software?
A. A only B. B only C. A and D D. D only
According to Robert Solow, the production function should be written as:
A. Y = F(K, L). B. Y = F(K, L, A). C. Y = F(K, A). D. Y = F(A, L).