Find the BLS's rate of unemployment from the following data: frictional unemployment = 150, structural unemployment = 200, cyclical unemployment = 225, discouraged workers = 25, underemployed workers = 75, fully employed workers = 850, total population = 2,000
a. 17.5 percent
b. 23.3 percent
c. 24.6 percent
d. 28.8 percent
e. 38.3 percent
E
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When a nation's real per capita Gross Domestic Product (GDP) increases, which of the following is TRUE?
A) Every individual in that nation shares in the economic gain. B) A nation must channel most of the economic gains to its poorest citizens. C) Low income people are guaranteed to lose; they never share in their nation's economic gains. D) We don't know who has most benefited from economic growth unless we look at the distribution of income.
Diminishing returns to labor occur for two primary reasons: 1) as we keep adding new workers, it becomes increasingly difficult to obtain productivity gains through additional specialization; and 2) each additional worker we add has less land and capital to work with
a. True b. False
Assume the MPC is 0.65 . Assuming only the multiplier effect matters, a decrease in government purchases of $20 billion will shift the aggregate demand curve to the
a. left by about $30.77 billion. b. left by about $57.1 billion. c. right by about $57.1 billion. d. right by about $30.77 billion.
Suppose that demand for portable power banks increases, and simultaneously, the supply of portable power banks increases. Which of the following would you conclude definitely will occur in the market for portable power banks?
A) The market clearing price will rise. B) The market clearing price will fall. C) The equilibrium quantity will rise. D) The equilibrium quantity will fall.