Suppose the population (age 16 and over) of New Zealand is 48 million; 4 million are unemployed, and 40 million hold jobs. Indicate the rate of unemployment and the employment/population ratio of New Zealand
a. The unemployment rate is 10 percent, and the employment/population ratio is 75 percent.
b. The unemployment rate is 9.1 percent, and the employment/population ratio is 91.7 percent.
c. The unemployment rate is 10 percent, and the employment/population ratio is 83.3 percent.
d. The unemployment rate is 9.1 percent, and the employment/population ratio is 83.3 percent.
D
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If the price of a good increases from $20 to $25 and the quantity demanded declines from 15 to 10 units of the good, the price elasticity of demand is 5
a. True b. False
Information asymmetries are defined to be when:
A. one party to a transaction has more information that another. B. information isn’t readily available to anyone. C. both sides to a transaction have equal information. D. one party withholds information from the other party.