If half of all unemployed individuals suddenly gave up looking for work, the unemployment rate would ________ and the labor force participation rate would ________
A) decrease; decrease
B) decrease; increase
C) increase; decrease
D) increase; increase
E) There is not enough information to answer this question.
A
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When a monopoly is maximizing its profits,
A) MR > MC. B) MR < MC. C) dMR/dQ > dMC/dQ. D) dMR/dQ < dMC/dQ.
Countries tend to use the labor processes that ______.
a. they have had the longest b. take advantage of their most plentiful resources c. utilize their most expensive resources d. rely on their most scarce resources
The self-correcting tendency of the economy means that rising inflation eventually eliminates:
A. unemployment. B. exogenous spending. C. recessionary gaps. D. expansionary gaps.
The Phillips curve reflects the relationship between
A. the price level and inflation. B. inflation and real GDP. C. unemployment and inflation. D. unemployment and real GDP.