If the population of a country is 1,000,000 people, its labor force consists of 500,000, and 40,000 people are unemployed, the unemployment rate is:
a) 8.0 percent.
b) 7.4 percent.
c) 50.0 percent.
d) 4.0 percent.
Answer: a) 8.0 percent.
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If fiscal policy is used to close an expansionary gap, the _____
Fill in the blank(s) with the appropriate word(s).
Assume that the hourly price for the services of tarot card readers has risen and sales of these services have also risen. One can conclude that
A) the demand for tarot card readers has increased. B) the law of demand has been violated. C) the number of tarot card readers has increased. D) tarot card readers are deliberately charging high prices because they provide services for superstitious clients.
The number of private state banks decreased after the First Bank of the United States lost its charter
Indicate whether the statement is true or false
If consumers switch away from eating margarine at the same time that the number of margarine suppliers increases, then:
a. these two effects cancel each other out and there is no change in the margarine market equilibrium. b. the demand curve shifts left and the supply curve shifts right. c. there is a margarine price increase. d. there is an excess demand for margarine. e. the equilibrium quantity of margarine must increase.