What is the percentage of income received by the upper two quintiles on line L?
85
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Suppose that the total labor force is 100 individuals with 10 unemployed. The unemployment rate is ________. Now assume that 10 people drop out of the labor force and that 10 remain unemployed. The new unemployment rate is ________
A) 9 percent; 10 percent B) 10 percent; 9 percent C) 10 percent; 11 percent D) 11 percent; 10 percent
Define returns to scale
Technological advancements cause structural unemployment. However, they help in:
a. lowering the rate of interest in the economy. b. increasing the price level in the economy and hence make business more profitable for the firms. c. improving living standards by giving consumers a greater variety of goods at lower costs. d. raising government's tax revenue. e. raising the aggregate income in the economy.
If a firm equates MR and MC, then:
A. TR is at a maximum, and TC is at a minimum. B. output is at a maximum. C. both TR and TC are at a maximum. D. profits are at a maximum or losses are at a minimum.