On a preference map, higher indifference curves represent higher levels of total utility.
Answer the following statement true (T) or false (F)
True
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The total adult population of an economy is 175 million, the number of employed is 122 million, and the number of unemployed is 17 million. The percentage of adults who are not in the labor force is
A. 30.3%. B. 13.9%. C. 20.6%. D. 25.3%.
Use the following graph for a private closed economy (an economy with only a private sector and no international trade) to answer the next question.
The equilibrium level of real GDP in this economy is
A. $250 billion. B. $350 billion. C. $450 billion. D. $150 billion.
Pizza Hut lowers the price of its pizza. The price elasticity of demand for Pizza Hut pizza equals 0.3. What happens to the Pizza Hut's total revenue?
A) nothing B) It increases. C) It decreases. D) It becomes negative. E) It might change, but more information is needed to determine if it increases, decreases, or does not change.
Property rights allowing individuals to own goods, services, and factors of production are most important in:
a. socialistic economies. b. planned economies. c. capitalistic economies. d. command economies.