Consider an economy made up of 100 people, 60 of whom hold jobs, 10 of whom are looking for work, and 15 of whom are retired. The number counted as unemployed is
a. 10
b. 15
c. 40
d. 30
e. 90
A
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Nominal GDP measures the value of goods and services using current-year prices
Indicate whether the statement is true or false
The marginal propensity to consume equals
A) consumption expenditure divided by the change in disposable income. B) the change in consumption expenditure divided by disposable income. C) the change in consumption expenditure divided by the change in disposable income. D) consumption expenditure divided by disposable income. E) the change in autonomous consumption divided by the change in induced consumption.
Managers need all of the following information to determine if the firm should make or buy an input except which one?
A) the salvage rate of the equipment to make the input B) the quantity of the input the firm needs each year C) the firm's discount rate D) the present value of the firm's current profit
If firms in a monopolistically competitive industry are earning economic profits, then in the long run
A. new firms producing close substitutes will enter the industry and this entry will continue until economic profits are eliminated. B. these firms can continue earning economic profits because entry into the industry is blocked. C. new firms producing the exact same product will enter the industry and this entry will continue until economic profits are eliminated. D. the government will most likely regulate firms in this industry to reduce these economic profits.