The unemployment rate measures:
a. unemployed workers as a percentage of the population
b. unemployed workers as a percentage of the population over the age of sixteen.
c. unemployed workers as a percentage of the labor force.
d. the number of people unemployed divided by the number of people employed.
c
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Monopolistic competition is an
a. efficient market structure because long-run profits are zero. b. efficient market structure because each firm produces at its efficient scale. c. inefficient market structure because there is deadweight loss. d. Both a and b are correct.
Economic progress comes primarily through
a. imposition of trade barriers. b. entrepreneurial action directed by competitive markets. c. government investment in heavy industry. d. central planning.
Advertising attempts to influence which of the following?
a. prices of other goods b. technology c. consumers' incomes d. consumers' tastes e. supply
The economic way of thinking indicates that personal benefits and costs influence the actions of
A) consumers in the private sector but not voters in the public sector. B) taxpayers, but not recipients of government-provided goods and services. C) consumers, producers, voters, and politicians in both the private and the public sectors. D) producers in the private sector but not politicians in the public sector.