The unemployment rate equals
A. (employed - unemployed)/labor force.
B. labor force/population.
C. unemployed/employed.
D. unemployed/labor force.
Answer: D
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Assuming that the marginal utility of wealth diminishes implies that
A) you have more total utility with $100 than with $1,000. B) you have more total utility with $1,000 than with $1,001. C) an additional dollar increases your total utility more if you only have $100 than if you have $1,000. D) an additional dollar does not increase your total utility regardless of your wealth.
What type of model would be best if we wanted to analyze the market for fast food? Why?
When firms are neither entering nor exiting a perfectly competitive market,
a. total revenue must equal total variable cost for each firm. b. economic profits must be zero. c. price must equal average variable cost for each firm. d. Both a and c are correct.
The prices paid to a productive resource usually perform an incentive function except with what resource?
A. Land B. Labor C. Capital D. Entrepreneurial ability