Which is the correct way to calculate the unemployment rate?
A. [(Labor force)/(Unemployed)] × 100
B. [(Unemployed)/(Population)] × 100
C. [(Labor force)/(Population)] × 100
D. [(Unemployed)/(Labor force)] × 100
Answer: D
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The table above represents five points on the production possibility frontier for the small country of Baca, which produces only rugs (measured in thousands) and wheat (measured in thousands of bushels): If the economy is currently at point A,
what is the opportunity cost of producing an additional 10,000 bushels of wheat? If the economy is currently at point B, what is the opportunity cost of producing an additional 10,000 bushels of wheat? What if the economy is currently at point D?
Refer to the information provided in Table 3.2 below to answer the question(s) that follow.Table 3.2Price per CheeseburgerQuantity Demanded (Cheeseburgers per Month)Quantity Supplied (Cheeseburgers per Month)$51,500 500 61,200 700 7 900 900 8 6001,100 9 3001,300Refer to Table 3.2. In this market there will be an excess demand of 1,000 cheeseburgers at a price of
A. $5. B. $6. C. $8. D. $9.
The assumption of completeness means that
A) the consumer can rank all possible consumption bundles. B) more of a good is always better. C) the consumers can rank all affordable consumption bundles. D) all preferences conditions are met.
A sunk cost is
A) another term that means opportunity cost. B) a term used to describe the cost of capital that the owners of a firm sink into their business. C) the highest valued alternative that must be given up to engage in an activity. D) a cost that has already been paid and cannot be recovered.