The labor force of a country is 150 million, of which 60 million are employed. Therefore, the unemployment rate in this country is 40%
a. True
b. False
Indicate whether the statement is true or false
False
You might also like to view...
If the price doubles and the quantity supplied also doubles, the price elasticity of supply for the good is
A) -1. B) 1. C) -2. D) 2. E) 100 percent.
Demand for a good is inelastic if:
A. total revenue decreases when price increases. B. the quantity effect outweighs the price effect of a price increase. C. the absolute value of price elasticity is greater than 1. D. total revenue increases when price increases.
(pg 168) Charging prices closer to what consumers are willing to pay for a good
a. Reduces consumers surplus b. Increases producer surplus c. Both a and b d. None of the above
Average cost
a. is always larger than marginal cost. b. declines for some range of output, hits a minimum, and then increases. c. is always smaller than marginal cost. d. is total cost/price of the product.