During the 2008 - 09 recession, the U-6 measure of the unemployment rate
A) which counts marginally attached workers as unemployed but does not count discouraged workers as unemployed, reached 17 percent.
B) which counts all part time workers as employed, reached 12 percent.
C) which counts discouraged workers as unemployed but does not count marginally attached workers as unemployed, reached 17 percent.
D) which counts marginally attached workers and discouraged workers as unemployed, reached 17 percent.
E) which counts marginally attached workers and discouraged workers as employed, reached 10 percent.
D
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If a 1 percent increase in the price of X increases the quantity demanded of Y by 2 percent, then X and Y are
A) complements and the cross elasticity of demand equals 2. B) substitutes and the cross elasticity of demand equals 1/2. C) substitutes and the cross elasticity of demand equals 2. D) complements and the income elasticity of demand equals 2. E) normal goods and the income elasticity of demand of each equals 2.
Which of the following must be true if average total costs are declining?
a. Marginal cost is less than average total cost. b. Marginal cost is less than average variable cost. c. Marginal cost is greater than average total cost. d. Marginal cost equals average total cost.