Suppose there are 180 million employed people and 20 million unemployed people
a. What is the unemployment rate?
b. Suppose that 5 million unemployed people give up their search for jobs and become discouraged workers. What is the new unemployment rate?
a. The unemployment rate is (20 million unemployed ÷ 200 million labor force) × 100 = 10.0 percent.
b. The unemployment rate is (15 million unemployed ÷ 195 million labor force) × 100 = 7.7 percent.
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The market for bagels contains two firms: BagelWorld (BW) and Bagels'R'Us (BRU). The owners of the two firms decide to fix the price of bagels. The table below shows how each firm's profit (in dollars) depends on whether they abide by the agreement or cheat on the agreement. 
Suppose the game above is repeated every day, and both firms adopt the following strategy: cooperate on the first day, then if the other firm cheats, cheat the next day, and if the other firm abides, abide the next day. This type of strategy is likely to increase the probability that:
A. Bagel World cheats. B. both firms abide. C. Bagels 'R' Us cheats. D. both firms cheat.
Holding everything else constant, an increase in the price of MP3 players will result in
A) a decrease in the demand for MP3 players. B) a decrease in the quantity of MP3 players supplied. C) an increase in the supply of MP3 players. D) a decrease in the quantity of MP3 players demanded.
To an economist, the word 'marginal' means:
A) total. B) average. C) next or additional. D) sunk. E) none of these choices.
If supply increases, the equilibrium price will rise and the equilibrium quantity will fall
a. True b. False Indicate whether the statement is true or false