The population of a small town is 5,000. There are 4,000 people in the labor force, and 3,000 people are employed. The unemployment rate equals
A) 25 percent.
B) 60 percent.
C) 75 percent.
D) an undetermined amount given the lack of information.
A
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Economists consider economic depreciation to be the ________ in market value from the use of the capital and measure this use in terms of ________ cost.
A) increase; marginal B) decrease; opportunity C) increase; opportunity D) decrease; marginal
The interest rate the Fed charges on loans it makes to banks is called
a. the prime rate. b. the federal funds rate. c. the discount rate. d. the LIBOR.
Assuming no economies of scale and identical costs, if the firms in a purely competitive industry were replaced by a profit-maximizing monopolist, the likely result would be:
A. an increase in price and reduced output. B. an increase in price and unchanged output. C. an increase in both price and output. D. unchanged price and reduced output.
When new firms enter the perfectly competitive Miami bagel market, the market
A) supply curve shifts leftward. B) supply curve does not change. C) demand curve shifts rightward. D) supply curve shifts rightward. E) demand curve shifts leftward.