The number of unemployed divided by the labor force equals the:
A. duration rate.
B. employment rate.
C. unemployment rate.
D. labor-force participation rate.
Answer: C
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In a recession, consumers have less income to spend. As a result, if dining out is a normal good, then which of the following would happen to the demand curve for dining out?
A) The demand curve would shift leftward. B) The demand curve would not shift but the price of dining out would rise. C) The effect on the demand curve is unknown. D) The demand curve would shift rightward. E) The demand curve would not shift but the price of dining out would fall.
The United States imports t-shirts from Asia. As a result, U.S. consumers pay ________ otherwise and Asian producers receive ________ otherwise
A) a higher price than; a higher price than B) a higher price than; a lower price than C) a lower price than; a higher price than D) a lower price than; a lower price than E) the same price as; the same price as
The larger a country is relative to the rest of the world, the less likely it is to be able to produce a net benefit for its citizens by imposing an import tariff.
Answer the following statement true (T) or false (F)
Which of the following is most likely to be an inferior good? a. Porsches
b. Lobster. c. Used clothing. d. An Ivy League education.