Assuming there are 190 million people employed in the United States and 10 million people unemployed, the unemployment rate would therefore equal
A. 10 percent.
B. 1.9 percent.
C. 5 percent.
D. an undetermined amount given the lack of information.
Answer: C
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Consider the labor market below. Suppose the government passes a minimum wage requiring employers to pay at least $8.00 per hour. 
Employment will fall by ________ person-hours per day as a result of the minimum wage.
A. 4,000 B. 8,000 C. 6,000 D. 2,000
Which of the following is NOT true of moral hazard?
A) It would not exist in a world of perfect information. B) It arises because borrowers typically know more than lenders. C) It describes a lender's problem of distinguishing the good-risk applicants from the bad-risk applicants. D) It describes a lender's problem in verifying borrowers are using their funds as intended.
If the inflation rate in an economy is higher than expected, which of the following groups in the society would be most likely to gain?
a. Borrowers b. Lenders c. Persons holding large amounts of money d. Persons on fixed incomes e. Workers under contract without a cost of living adjustment
In the short run, a firm’s economic loss or profit is found by comparing what?
a. Price to marginal cost b. Price to marginal revenue c. Price to average total cost d. Price to quantity demanded