Suppose the official unemployment rate is 10 percent. Which of the following is a definite conclusion to draw?
What will be an ideal response?
One of every ten people in the labor force is currently unemployed
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When wages decrease a. the substitution effect increases the quantity of labor supplied. b. the substitution effect increases the supply of labor
c. the income effect increases the quantity of labor supplied. d. the income effect increases the supply of labor.
How often does the FOMC meet?
a. once a week b. once a month c. two times per year d. eight times per year
When the actual unemployment rate is greater than the natural rate of unemployment, the inflation rate
A. tends to increase. B. tends to decrease. C. falls to zero. D. remains unchanged.
Refer to the above table. Suppose the price of a hamburger is $2, the price of a movie is $5, and the income of the consumer is $29. What will the consumer's total utility equal at an optimum?
A. 1118 B. 70 C. 1060 D. 1025