Table 6.3: Population and Labor Force?Year 1Year 5Working Age Population200 million250 millionLabor Force110 million145 millionEmployed106 million135 millionWhat is the unemployment rate in Year 5 in Table 6.3?

The Great Recession started in the:

a. U.S. real goods sector. b. U.S. real loanable funds market. c. Foreign exchange market. d. Global real goods market. e. All of the above.

If a legal ceiling price is set above the equilibrium price:

A. a shortage of the product will occur. B. a surplus of the product will occur. C. a black market will evolve. D. neither the equilibrium price nor the equilibrium quantity will be affected.