Suppose an economy has the following characteristics: 100 people in the noninstitutional population; 40 people employed; 50 people not in the labor force. How many people are unemployed?
A) 100
B) 90
C) 50
D) 40
E) 10
E
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A monopolist faces an average total cost of $6 when it produces 200 units of its product. If it sells the 200 units at $8 per unit, ________
A) the monopolist incurs a loss of $200 B) the monopolist incurs a loss of $400 C) the monopolist makes a profit of $200 D) the monopolist makes a profit of $400
Suppose the average total cost of producing semiconductors in a factory of a particular size declines over time as more semiconductors are produced. This drop in average total cost might best be explained by:
A. economies of scope. B. economies of scale. C. diminishing marginal productivity. D. learning by doing.
If a natural disaster were to cause a negative long-run supply shock to the economy, once the economy adjusts, the new equilibrium will be at a:
A. higher price level and lower level of output. B. lower price level and lower level of output. C. higher price level and higher level of output. D. lower price level and higher level of output.
If the (steadily decreasing) marginal benefit of another day spent in the hospital exceeds the (steadily increasing) marginal cost of an additional day spent in the hospital, the rational consumer of hospital services would be predicted to
A. demand a refund from the hospital for the previous day's stay. B. check out of the hospital immediately. C. complain about the hospital food. D. stay in the hospital for at least that additional day.