Millionaires do not face the problem of scarcity.
Answer the following statement true (T) or false (F)
False
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If half of all unemployed individuals suddenly gave up looking for work, the unemployment rate would ________ and the labor force participation rate would ________
A) decrease; decrease B) decrease; increase C) increase; decrease D) increase; increase E) There is not enough information to answer this question.
Suppose the base year of the CPI is 2010, and the CPI calculated for 2012 was 102. What is the correct interpretation of this number?
A. The cost of living for a typical consumer is 2 % higher than it was in 2010. B. Average prices in the economy have increased by 1.9 % since 2010. C. The average goods of all consumers has risen an average of 2 % from 2010 to 2012. D. Average prices in the economy have increased by 102 % since 2010.