A buyer's consumer surplus on a unit of a good is its value to that buyer minus the market price

If N is the working-age population, Q is the labor force, and U is the number of unemployed, then the participation rate is measured as

A) U/N B) Q/U C) Q/N D) (Q-U)/N

Events of the 1970s and early 1980s showed that

A) the Phillips curve presents policymakers with a stable menu of choices. B) cycles of unemployment and inflation rates appear to have gravitated around a 6 percent unemployment rate. C) lower inflation rates are consistently accompanied by higher unemployment rates. D) a tradeoff between inflation and unemployment may not always exist. E) a and c