The number of unemployed divided by the labor force equals the:
A. employment rate.
B. duration rate.
C. unemployment rate.
D. labor-force participation rate.
Answer: C
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If demand is inelastic, a drop in price will raise total expenditure.
Answer the following statement true (T) or false (F)
Procter & Gamble Co is a major soap producer. All of the following, except one, would shift its supply curve of liquid soap to left. Which is the exception?
a. an increase in the price of bar soap b. an increase in the price of a key ingredient of liquid soap c. environmental regulations force Procter & Gamble to use a more costly technology to produce liquid soap d. a decrease in the price of liquid soap e. an increase in the wage rate for factory workers who produce liquid soap
Use the money market to answer this question. Suppose there is a reduction in income. First, briefly explain what effect this will have on the interest rate. Second, explain all types of policies the central bank could implement to prevent this reduction in income from affecting the interest rate
What will be an ideal response?
In 1975, New York City increased regulated taxi fares by 17.5 percent and expected taxi revenue to increase a like amount. The taxi commission believed taxi demand was
A. unit elastic. B. inelastic. C. elastic. D. perfectly inelastic.