What is unemployment and what is the unemployment rate? What are the costs of unemployment?
What will be an ideal response?
Unemployment refers to someone who is without a job but who is actively looking for work. The unemployment rate is the proportion of the labor force, which is the people 16 and older who either are working or are looking for work, that is unemployed. The cost of unemployment is the reduced output that could have been made with full employment, as well as the psychological costs to the unemployed.
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If free international trade is compromised by the imposition of an import quota or tariff,
a. all of the following are true b. import-competing producers in the country that imposes the tariff or quota will be able to sell a larger quantity at higher prices c. consumers of import goods will obtain a larger quantity at lower prices d. workers in export industries will find more jobs e. consumers of export goods will obtain a larger quantity, although only at higher prices
Proponents of rational expectations argue that failing to account for peoples' revised inflation expectations led to estimates of the sacrifice ratio that were too high
a. True b. False Indicate whether the statement is true or false