Refer to the above figure. A minimum wage has been set at WM. The amount of unemployment is
A) zero.
B) at Qe.
C) QS minus QD.
D) not computable from the information given.
C
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The actual unemployment rate is equal to ________
A) the natural rate of unemployment plus the cyclical rate B) the natural rate of unemployment minus the cyclical rate C) the natural rate of unemployment times the cyclical rate D) the natural rate of unemployment divided by the cyclical rate
The elasticity of supply coefficient for lobster is estimated to be equal to 0.6 . It is expected, therefore, that a 10% decrease in price would lead to:
a. a 6% decrease in the quantity of lobsters supplied. b. a 6% increase in the quantity of lobsters supplied. c. a 10% decrease in the quantity of lobsters supplied. d. a 10% increase in the quantity of lobsters supplied.
Why are human resources limited?
A. Some people are unable to work. B. New equipment is expensive. C. Countries lack needed technology. D. World population continues to grow.
Suppose China can produce 200 TVs or 200 DVD players. South Korea can produce either 100 TVs or 200 DVD players. In terms of TV production, we can conclude that
A. China has an absolute advantage in TV production. B. China has a comparative advantage in TV production. C. South Korea has a comparative advantage in TV production. D. South Korea has an absolute advantage in TV production.