Satchel loses his job and immediately begins looking for another. Other things the same, the unemployment rate
a. increases, and the labor-force participation rate decreases.
b. and the labor-force participation rate both increase.
c. increases, and the labor-force participation rate is unaffected.
d. is unaffected, and the labor-force participation rate decreases.
c
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The hypothesis that people use all available information to predict the future is known as:
a. rational expectations. b. adaptive expectations. c. lagged expectations. d. trend expectations.
Which of the following characteristics is required for a perfectly competitive market?
a. The goods offered for sale are exactly the same. b. There are so many buyers and sellers that no single buyer or seller has any influence over the market price. c. It is difficult for new sellers to enter the market. d. Both a and b are correct.
On the benefit side of the analysis, briefly describe two distinct benefits to society that are relevant to a risk-benefit analysis of pesticides.
Suppose you are part of an economic analysis team charged with recommending a policy response to pesticide risks. Your team decides to use risk-benefit analysis as its risk management strategy.
In Figure 11.1, a decrease in the marginal propensity to save is represented by a change in the consumption function from
A) C1 to C3. B) C3 to C1. C) C2 to C1. D) C1 to C2.