In 2016 the Bureau of Labor Statistics reported that there were 71.9 million people over age 25 who had at least a bachelor's degree. Of these 52.1 million were employed and 1.3 million were unemployed. What were the labor-force participation rate and the unemployment rate for this group?
a. 72.5% and 1.8%
b. 72.5% and 2.4%
c. 74.3% and 1.8%
d. 74.3% and 2.4%
d
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Assume an economy produces only footballs and baseballs and the base year is 2005. Quantity producedPrices 2005200620052006Footballs200300$20$25Baseballs500600$10$15Given the data in the table above, what is the value of nominal GDP in 2006?
A. $10,000 B. $16,500 C. $12,000 D. $12,500
A farmer uses M units of machinery and L hours of labor to produce C tons of corn, with the following production function C = L0.5M0.75. This production function exhibits
A) decreasing returns to scale for all output levels B) constant returns to scale for all output levels C) increasing returns to scale for all output levels D) no clear pattern of returns to scale
Answer the following questions true (T) or false (F)
1. If a country produces only two goods, then it is not possible to have an absolute advantage in the production of both goods. 2. In a two-good, two country world, if one country has an absolute advantage in the production of both goods, it must also have a comparative advantage in the production of both goods. 3. If the opportunity cost of producing more of one good remains the same as more of that good is produced, then the production method is inefficient.
Net unilateral transfers would appear in a nation's
A. capital account. B. official reserve transaction account. C. financial account. D. current account.