Question
You are given the following information for a country: Participation rate = 80% Unemployment rate = 6.25% Employment rate = 75% Number of employed =
You are given the following information for a country:
- Participation rate = 80%
- Unemployment rate = 6.25%
- Employment rate = 75%
- Number of employed = 225 million
Based on this information, which of the following is correct?
Select one:
a.The working age population is 300 million.
b.The size of the labour force is 210 million.
c.The number of unemployed is 75 million.
d.The number of people not in the labour force is 15 million.
Suppose that the labour market is in equilibrium. Which of the following statements isincorrect?
Select one:
a.In equilibrium, employment is the highest it can be, given the wage.
b.In equlibrium, those who have jobs cannot improve their situation by asking for higher pay or working less hard.
c.In equilibrium, there is no unemployment in the labour market.
d.In equilibrium, firms are offering the least wage to ensure workers' effort.
Wealth is usually more unequally distributed than earnings, which in turn are more unequally distributed than disposable income. This is mainly because:
Select one:
a.The value of assets increases more rapidly than income over time.
b.Planning restrictions keep house values high.
c.Wealth is accumulated savings. Some of this is accumulated by several generations and then passed from parents to children. Earnings are more equally distributed because there is no cumulative effect. Disposable income is more equally distributed still since many governments operate a 'progressive' tax system.
d.Public policy is to encourage the accumulation of wealth.
Which statement incorrectly describes price-setting and price-taking firms?
Select one:
a.The price-taking firm chooses a quantity at which the price is equal to the marginal cost.
b.Both the price-setting and price-taking firms maximise their profits.
c.The price-taking firm chooses price and quantity, whereas the price-setting firms chooses only quantity.
d.The price-setting firms have more incentive to advertise their products in comparison to the price-taking firms.
e.In a market with price-taking firms, the total surplus is maximised.
The intersection of the demand and supply curves is a unique point termed:
Select one:
a.perfect competition
b.an equilibrium
c.the conservation of resources
d.equality
The benefit received by the government from a tax is measured by:
Select one:
a.deadweight loss
b.tax revenue
c.equilibrium price
d.total surplus
Which of the following are sources of economic inequality?
(You may choose more than one option.)
Select one or more:
a.institutions
b.technology
c.differences in endowments
d.none of the options
The unemployment rate is the percentage of the:
Select one:
a.labour force receiving unemployment benefits.
b.population that is unemployed.
c.working-age population that is unemployed.
d.labour force that is unemployed.
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