Given: 80 million employed; 20 million unemployed; 10 million collecting unemployment insurance benefits; 10 million discouraged workers. Find: (1) the number of people in the labor force; (2) the unemployment rate.
What will be an ideal response?
(a) 80 million + 20 million = 100 million (b) unemployment rate = unemployed/labor force = 20 million/100 million = 20%
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A barrier to entry is
A) the economic term for diseconomies of scale. B) illegal in most markets. C) anything that protects a firm from the arrival of new competitors. D) a factor that increases competition because firms must continue to operate in the market in which they were founded. E) the same as rent seeking.
Which of the following is considered to be an investment in economists' point of view?
a. Serena buys bonds issued by Citibank. b. John purchases a new house. c. Venus invests hundred thousand dollars in Bear Stearns stock. d. Allen sells the old truck he used for transporting goods.
One of the difficulties in implementing monetary policy is the time it takes:
A. to pass new monetary policy once the Fed has decided action is needed. B. monetary policy to have an effect in the economy once enacted. C. to enact monetary policy once the Fed has decided action is needed. D. to get approval from the Congress to implement the policy.
Reaching an efficient bargain is difficult when the
a. externality is large. b. number of interested parties is large. c. externality is negative. d. government becomes involved.