An rational, optimizing, self interested consumer would consume up to the point where
a. the consumer surplus from the last unit is positive
b. the consumer surplus from the last unit is negative
c. the consumer surplus from the last unit is zero
d. none of the above
c
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Several firms in an industry laid off their workers. Assuming all else equal, this will lead to a ________
A) higher rate of output in the industry B) higher rate of capacity utilization in the industry C) lower rate of capacity utilization in the industry D) higher real wage in the industry
Suppose a country has 1 billion people. 75 percent of its citizens are in the labor force, with 90 million unemployed. Full employment occurs at 2 percent. Based on this information, what is the unemployment rate?
A. 8.3 percent. B. 12.0 percent. C. 25.0 percent. D. 9.0 percent.