By 2016, the unemployment rate in the US had fallen from a peak of 10% in 2009 to:
A. under 5%.
B. under 3%.
C. 7.8%.
D. 6.2%.
Answer: A
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Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, a decrease in unemployment may be represented by the movement from
A. B to A. B. C to D. C. B to D. D. A to C.
When a quota on a product is removed, this policy action
A. benefits consumers of the product. B. hurts nations exporting the product. C. benefits the government. D. benefits domestic producers of the product.
A rent ceiling set above the equilibrium rent efficiently allocates resources in the housing market
Indicate whether the statement is true or false
Let MP = marginal product, P = output price, and W = wage, then the equation that represents the condition where a competitive firm would hire another worker is
A) P × MP > W. B) P × MP = W. C) P × W > MP. D) P × MP < W.