In a country with a working-age population of 22 million, 16 million are employed, 2 million are unemployed, and 1 million of the employed are working part-time, half of whom wish to work full-time. If 500,000 of those unemployed are cyclically unemployed, what is the natural unemployment rate?
A) 8.3 percent
B) 5.6 percent
C) 11.1 percent
D) 9.4 percent
E) none of the above
A) 8.3 percent
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A negative externality exists when
A. marginal social costs are less than marginal private costs. B. marginal social costs are greater than marginal private costs. C. marginal social benefits are less than marginal private benefits. D. marginal social benefits are greater than marginal private benefits. E. b and c
The concept of marginal utility:
A. explains why individuals find it difficult to maximize their total utility. B. is the change in total utility that comes from consuming one additional unit of a good or service. C. can only be applied to situations in which individuals can choose among several goods or services. D. is the loss in utility from making a bad decision.
Falling output, in the short run, could be due to:
A. an increase in short-run aggregate supply. B. a reduction in aggregate demand. C. an increase in long-run aggregate supply. D. an increase in aggregate demand.
Heavy advertising expenditures usually indicate
A. oligopoly. B. pure competition or monopolistic competition. C. oligopoly or monopoly. D. differentiated pure competition or monopoly.