The unemployment rate is defined as
A. the percentage of the population that is unemployed.
B. the percentage of the labor force that is unemployed.
C. all unemployed workers, including discouraged workers, divided by the total labor force.
D. all unemployed workers, including discouraged workers, divided by the total population.
B. the percentage of the labor force that is unemployed.
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Applying neoclassical theory to the housing market, ________ cause a decrease in the user cost of housing
A) higher expected household incomes B) higher rates of household formation C) increases in the expected relative price of housing D) tighter constraints on mortgage financing
Firms do NOT use microeconomic models to
A) determine what inputs will be used for production. B) determine whether they should advertise in the newspaper or on the radio. C) strategically raise profits over competitors. D) None of the above.