In a country with a working-age population of 30 million, 18 million are employed, 2 million are unemployed and 2 million of the employed are working part-time, half of whom wish to work full-time. The unemployment rate is
A) 9.1 percent.
B) 10 percent.
C) 14.3 percent.
D) 11.1 percent.
E) none of the above.
B) 10 percent.
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A tariff is a tax imposed on ________ good.
A. a luxury B. a domestic C. an illegal D. an imported
Which of the following is an example of a good produced under monopoly?
A) CDs B) Books C) Aerated drinks D) Patented software
A monopolist's demand function is P = 1624 - 4Q, and its total cost function is
TC = 22,000 + 24Q -4Q2 + 1/3 Q3, where Q is output produced and sold. a. At what level of output and sales (Q) and price (P) will total profits be maximized? b. At what level of output and sales (Q) and price (P) will total revenue be maximized? c. At what price (P) should the monopolist shut down?
The supply of oil is likely to be
a. inelastic in both the short run and long run. b. elastic in both the short run and long run. c. elastic in the short run and inelastic in the long run. d. inelastic in the short run and elastic in the long run.