Suppose that the total labor force is 100 individuals with 10 unemployed. The unemployment rate is ________. Now assume that 10 people drop out of the labor force and that 10 remain unemployed. The new unemployment rate is ________
A) 9 percent; 10 percent
B) 10 percent; 9 percent
C) 10 percent; 11 percent
D) 11 percent; 10 percent
C
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The marginal cost to the phone company of handling a long distance call is likely to be
A) higher the fewer such calls people make. B) higher the more the phone company has invested in equipment. C) substantially less than the price charged for the call. D) substantially more than the price charged for the call.
Suppose the industry for washing machines has only four firms. The market shares are: Firm A, 40 percent; Firm B, 20 percent; Firm C 20, percent; and Firm D, 20 percent
a) What is the Herfindahl-Hirschman Index (HHI)? b) If Firms C and D were to announce a merger, would the Department of Justice oppose the merger?
Politicians and citizens may often choose policies that reduce economic efficiency because they are perceived as "fairer."
a. True b. False Indicate whether the statement is true or false
Which of the following statements is true about Mercantilism?
a. A weak state is needed to regulate and control the economy. b. Adam Smith was the intellectual founder of mercantilism. c. Individual economic freedoms, property rights, and private contracts are more important than the interests of the public. d. There are no universal principles of economics. e. none of the above.