Which of the following can make the unemployment rate fall?
A. A decrease in the number of people who are looking for work.
B. An increase in the number of people with jobs.
C. A decrease in the number of people who are looking for work and an increase in the number of people with jobs.
D. An increase in the number of people neither working nor looking for work.
Answer: C
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If John can produce 10 chairs or 20 lamps during a week while Mary can produce 12 chairs or 22 lamps in the same time, who has the absolute advantage in producing each good?
A) Mary in producing both goods B) John in producing both goods C) Mary in producing chairs, John in producing lamps D) John in producing chairs, Mary in producing lamps E) Both Mary and John in both goods
In the Solow model, which of the following is an endogenous variable?
A) output per worker B) government spending C) the saving rate D) the depreciation rate
Consumer surplus is the
a. amount of a good consumers get without paying anything. b. amount a consumer pays minus the amount the consumer is willing to pay. c. amount a consumer is willing to pay minus the amount the consumer actually pays. d. value of a good to a consumer.
Refer to Figure 29.1. At a price of P1 in Figure 29.1, there would be a
A. Shortage measured by the distance Q1 to Q5. B. Surplus measured by the distance Q1 to Q5. C. Shortage measured by the distance Q1 to Q3. D. Surplus measured by the distance Q2 to Q4.