Is the unemployment rate the same for all groups of people in an economy? Why or why not?
What will be an ideal response?
No. The unemployment rate is an average for the entire economy, but unemployment differs across various sectors of the population. Typically teenagers, minority groups, and those with less education experience higher levels of unemployment. Unemployment also varies across regions of the country. One region may be growing and expanding while another region may be experiencing a downturn. As a result, the unemployment rate can be lower in one region and higher in another.
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In the figure above, if the market price is $12, then the total consumer surplus is
A) $12. B) $10. C) minimized. D) $240. E) $480.
Monopolistic competition differs from perfect competition because
A. monopolistic competitors advertise and differentiate their product. B. monopolistic competitors have products with no close substitutes. C. monopolistic competitors produce at the peak level of efficiency. D. monopolistic competitors can make a profit even in the long run.
Popeye cannot eat enough free spinach. With this information, we know that Popeye's:
A. marginal utility for spinach is falling. B. total utility for spinach is falling. C. marginal utility for spinach never falls. D. total utility for spinach is always rising.
A bank run is
A. the transfer of funds from one bank to another. B. a situation when a bank borrows from the Fed's discount window. C. a situation in which a bank borrows at the Federal funds rate. D. a large-scale, panicky withdrawal of deposits from a bank.