The unemployment rate is equal to
A) (number of unemployed people ÷ number of employed) × 100.
B) (number of employed people ÷ labor force) × 100.
C) (number of unemployed people ÷ labor force) × 100.
D) (number of unemployed people ÷ working-age population) × 100.
E) (labor force ÷ population) × 100.
C
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Which of the following describes the asymmetry Moncur Olson observed in the incentives to support and oppose trade policy?
A) The benefits of those seeking protection outweigh the costs imposed by the protection. B) The benefits of protection are spread out over a large number of firms and industries, but the costs are concentrated on consumers. C) The benefits of policy are concentrated, and the costs are spread out over a large number of participants. D) The costs of protection are concentrated on a few firms, and the benefits of protection are spread out over a large number of consumers.
If people expect the economy to do well in the future, they will increase their consumption today at every price level
a. True b. False Indicate whether the statement is true or false
If the price of a product is lowered from $300 to $270, and as a result the quantity demanded increases from 25 to 30 units, we know that in that range: a. demand has declined
b. demand is elastic. c. demand is unit elastic. d. demand is inelastic. e. demand is perfectly elastic.
In a union shop
A. no one is forced to join the union. B. an employer may hire only union members. C. all employees must join the union, usually within 30 days after they are hired.