Using a broader measure of the unemployment rate where discouraged workers and part-time workers who wished to work full time were counted as unemployed, the BLS estimates the unemployment rate in August 2015 would have ________ compared to the
measured unemployment rate.
A) barely changed B) decreased by less than 1 percentage point
C) more than doubled D) increased by more than 7 percentage points
C
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If the producer surplus in a market for a good is $36 and the consumer surplus in the market for the same good is $9, the social surplus in the market is ________
A) $4 B) $27 C) $45 D) $324
Which of the following indicates that there is a shortage in the market?
A) Demand is rising. B) Demand is falling. C) Price is rising. D) Price is falling.
Schleppsi, a soft drink maker, is a monopsonist in the county where it manufactures all of the Diet Schleppsi it produces. Suppose the current daily labor cost to the firm is $35,000 with 99 workers and the total wage cost with 100 workers would be $36,000 . What will the market wage be if Schleppsi hires the 100th worker?
a. $35. b. $36. c. $100. d. $350. e. $360.
According to Keynes' philosophy of government budgets, _____
a. chronic deficits accumulate into a national debt b. permanent surpluses are desirable c. fiscal policy focuses on maintaining an annually balanced budget d. deficits dampen aggregate demand in the short run and reduce the federal debt e. deficits are appropriate during recessions