Jack just received a promotion at work and now works 50 hours per week instead of 35. As a result,
A) the unemployment rate increased.
B) the unemployment rate decreased.
C) the labor force participation rate increased.
D) neither the unemployment rate nor the labor force participation rate changed.
Answer: D
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Mark Frost grows apples in a perfectly competitive market. If we drew a line in a graph that illustrates Mark's total revenue from selling apples, it would be
A) a straight, upward-sloping line. B) a straight, downward-sloping line. C) a horizontal line. D) a curve that is negatively sloped at low levels of output and positively sloped at higher levels of output.
As disposable income increases, _____
a. consumption and saving both increase b. consumption increases and saving decreases c. consumption and saving both decrease d. consumption decreases but saving increases e. saving increases, but we cannot predict what happens to consumption