The Illyrian economy has 1000 people in the labor force. 100 people don't have jobs but are searching for work, another 100 people would like to have jobs but quit searching because of poor job prospects, and another 100 people don't work and don't
want to work. What's the rate of unemployment? A) 10 percent
B) 20 percent
C) 30 percent
D) 100 percent
E) None of the above.
A
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According to this Application, lower oil prices will ________ the prices of gasoline and heating oil which will ________ the amount of money that consumers have to spend
A) decrease; increase B) decrease; decrease C) increase; decrease D) increase; increase
"By producing at an output rate at which marginal revenue equals marginal cost, a firm is definitely making positive economic profits." Do you agree or disagree? Why?
What will be an ideal response?
Countries with a relatively high stock of skilled labor will have a comparative advantage in producing goods that require relatively larger quantities of skilled labor
a. True b. False Indicate whether the statement is true or false
If an increase in the price of good X causes the demand curve for product Y to shift to the right, then X and Y are most likely to be which of the following?
a. Shoes and laces b. Tennis balls and tennis rackets c. Turkey and chicken d. Knives and forks e. DVD players and DVDs