The unemployment rate tells us
A) the fraction of people who want to be working but are not.
B) the fraction of people who are not working and do not want to be working.
C) the fraction of people who are not working and have quit looking for jobs.
D) all of the above
A
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When social costs of an activity exceed private costs
A) there is a tendency for resources to be under-utilized. B) this means that resources are being efficiently used. C) there is a tendency for resources to be over-utilized. D) None of the above is correct.
In contrast to the United States, the European Union has chosen
a. greater wage inequality for lower unemployment. b. less wage inequality and lower unemployment. c. greater wage inequality and higher unemployment. d. similar wage inequality but more unemployment. e. less wage inequality for higher unemployment.