A nation has a population of 300 million people. Of these, 100 million are retired, in the military, in institutions, or under 16 years old. There are 190 million who are employed and 10 million who are unemployed. What is the unemployment rate?
a. 1.9 percent
b. 10 percent
c. 2 percent
d. 5 percent
d. 5 percent
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Anna owns the Sweet Alps Chocolate store. She charges $10 per pound for her hand made chocolate. You, the economist, have calculated the elasticity of demand for chocolate in her town to be 2.5
If she wants to increase her total revenue, what advice will you give her?
Suppose that the technology used to produce computers advances. How does this change affect the supply of computers and the supply curve of computers?
What will be an ideal response?
When a game is played repeatedly
A) only customers learn. B) customers and firms are both able to learn. C) firms end up colluding. D) a prisoner's dilemma will be the equilibrium.
Bailey's Barber Shop knows that a 5% increase in the price of their haircuts results in a 15% decrease in the number of haircuts purchased. What is the elasticity of demand facing Bailey's Barber Shop?
a. 0.05 b. 0.10 c. 0.33 d. 3.0