Suppose the official unemployment rate is 10 percent. We can conclude without question that
a. the same 10 percent of the people in the economy were out of work for the entire year
b. one of every ten people in the labor force is currently unemployed
c. the same 10 percent of the people in the labor force were out of work for the entire year
d. every person in the labor force was out of work for 10 percent of the year
e. 10 percent of the people in the economy were each out of work for 10 percent of the year
B
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The budget line shift from ab to cd in the above figure is consistent with:
A) decreases in the prices of both M and N . B) an increase in the price of M and a decrease in the price of N . C) a decrease in money income. D) an increase in money income.
Which of the following transactions would take place in the underground economy?
A) Samuel tells his wife he is going to work but really goes to the local casino. B) Tanisha bought a tablet computer for $269 but decided to sell it to her sister instead of keeping it. C) Laurie buys a case of wine at a liquor store, not realizing that 15% of the purchase price goes to the government as tax revenue. D) Bailey makes beef jerky and sells it at a local flea market for cash to avoid paying taxes.