The labor force is 100 million and the unemployment rate is 5 percent. One million people quit looking for a job. What is it called when an individual leaves the labor force, and in this case what is the new unemployment rate?
A) Encouraged worker, 5 percent.
B) Discouraged worker, 5.05 percent.
C) Discouraged worker, 3 percent.
D) Discouraged worker, 4.04 percent.
D
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According to the matrix shown, the profit-maximizing outcome for the firms is:
This prisoner's dilemma game shows the payoffs associated with two firms, A and B, in an oligopoly and their choices to either collude with one another or not.
A. to act like a monopolist and both collude.
B. to both compete.
C. for Firm A to compete and Firm B to collude.
D. for Firm B to compete and Firm A to collude.
When a firm produces and sells a refrigerator worth $1,000, its contribution to the gross domestic product (GDP) on the income side is measured by: a. the price paid by the consumer
b. the investment made by the firm to manufacture the refrigerator. c. the stock of inventories used by the firm to manufacture the refrigerator. d. the cost of raw materials used by the firm to manufacture the refrigerator. e. the sum of the wages, interest, and rent paid by the firm's owners and the profit of the firm.
Economic growth is represented by a: a. leftward shift of a production possibilities curve
b. rightward shift of the long-run aggregate supply curve (LRAS). c. horizontal long-run aggregate supply curve (LRAS). d. downward shift of an aggregate production function.
Someone who does not contribute toward covering the cost of a good he desires, yet cannot be excluded from receiving the good, is called a free rider
a. True b. False Indicate whether the statement is true or false