In mid-2009, the unemployment rate stood at
a. 25 percent
b. 5 percent
c. 6 percent
d. 9.5 percent
e. 20 percent
D
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Based on Scenario 6.1 above, if a tariff of 20 percent is placed on imports of dining room tables, and another tariff of 50 percent is placed on imports of wood and parts, then the effective rate of protection on tables made in the United States is
A) 70 percent. B) 50 percent. C) 20 percent. D) 12.5 percent. E) 0 percent.
To convert a nominal GDP to a real GDP, you would use
A) the PCE deflator. B) the CPI measure. C) the GDP deflator. D) the PPI measure.
Equilibrium wage will increase if quantity of labor demanded rises
Indicate whether the statement is true or false
Given the following information that includes all costs of the firm, we know that:Value of final sales$1,000Rent$200Compensation to employees$500Interest$500
A. income does not equal the value of final output. B. profit is -$200. C. there is a loss that must be subtracted from final sales so that income equals output. D. profit is $200.