Answer the following statements true (T) or false (F)
1. The U.S. unemployment rate excludes unemployed workers who are not actively seeking work.
2. The demand for unskilled workers has been growing as a percent of total U.S. labor force in recent years.
3. A sizable part of increases in the U.S. labor force in the past few decades has been due to the influx of women.
4. Service-oriented jobs make up more than three-quarters of total employment in the U.S. labor force.
5. The number and the percentage of U.S. workers in labor unions have decreased in the past decade.
1. TRUE
2. FALSE
3. TRUE
4. TRUE
5. TRUE
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On a diagram of a production possibilities frontier, opportunity cost is represented by the production possibilities frontier shifting outward
Indicate whether the statement is true or false
Suppose that the average equilibrium monthly rental price of apartments and rooms in a college town had been steady at $600, but then the college expanded enrollment from 10,000 to 12,000 . Suddenly there is a shortage of rental housing at the prevailing price of $600 . Which of the following is most likely to be true?
a. The shortage occurred because demand increased, and a new market equilibrium will result in higher rental prices and more rental units available on the market. b. The shortage occurred because supply increased, and a new market equilibrium will result in lower rental prices and fewer rental units available on the market. c. The shortage occurred because demand decreased, and a new market equilibrium will result in lower rental prices and fewer rental units available on the market. d. The shortage occurred because demand increased, and a new market equilibrium will result in higher rental prices and fewer rental units available on the market.
Suppose you are viewing a graph of the total revenue generated from the sale of bananas. On the horizontal axis the numbers indicate the quantity of bananas. On the vertical axis the numbers indicate total revenue. Suppose there are two lines on the graph, A and B, and they only meet when quantity is zero. If, at an output of 10,000 bananas, A lies above B, we can say that
a. A corresponds to more bananas than B b. A represents average revenue at a lower price than B c. A represents marginal revenue at a higher price than B d. A represents total revenue at a higher price than B e. A represents total revenue at a lower price than B
The demand for a good or service is...
a.determined by those who buy the good or service. b. the government. c. those who sell the good or service. d. both those who buy and those who sell the good or service.