The study of inflation is a topic in:
A. classical economics.
B. macroeconomics.
C. microeconomics.
D. normative economics.
Answer: B
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Which of the following is generally true of a monopolistic competitor operating in the long run?
a. price equal to minimum average total cost b. marginal cost exceeds marginal revenue c. marginal revenue exceeds marginal cost d. price exceeds marginal cost
Suppose the population (age 16 and over) of Peru is 400 million; 20 million are unemployed, and 230 million hold jobs. What are the rates of unemployment and labor force participation of Peru?
a. Unemployment is 8 percent, and labor force participation is 62.5 percent. b. Unemployment is 8.7 percent, and labor force participation is 92 percent. c. Unemployment is 8.7 percent, and labor force participation is 62.5 percent. d. Unemployment is 5 percent, and labor force participation is 57.5 percent.