If the unemployment rate is 6.2% and the number of people employed is 200,000, the total number of people unemployed is approximately
A. 10,970 people
B. 12,400 people.
C. 13,220 people.
D. cannot be determined from this information.
Answer: C
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An increase in Social Security payments will
A) increase export spending. B) increase investment spending. C) increase consumption spending. D) increase government spending.
Which of the following are true?
a. Economists use the criterion of economic efficiency to judge the merit of alternative outcomes. b. Undertaking an economic action will be efficient if it produces more benefits than costs for the individuals of the economy. c. Undertaking an economic action will be inefficient if it produces more costs than benefits to the individuals. d. All of the above are true.
Lu Thier is an accomplished violin and viola maker. He can make either 6 violins or 6 violas each year, or a combination such as 3 violins and 3 violas. Which statement below is true?
A) The opportunity cost of producing 1 violin is 1 viola. B) The opportunity cost of producing 1 violin is 3 violas. C) The opportunity cost of producing 1 violin is 6 violas. D) The opportunity cost of producing 1 violin is 9 violas.
Even when the demand for one good is high, the price of the good is also affected by supply. The textbook illustrates this by comparing the price of two items that were auctioned on the same day
Which of the following describes the results of the auction? A) A letter written by Abraham Lincoln sold for a higher price than a letter written by John Wilkes Booth. B) A letter written by John Wilkes Booth sold for a higher price than a letter written by Lee Harvey Oswald. C) A letter written by Abraham Lincoln was sold for a higher price than a letter written by Adam Smith. D) A letter written by John Wilkes Booth sold for a higher price than a letter written by Abraham Lincoln.