Full employment:
a. exists when, on average, nearly two out of three adults in the labor force are employed.
b. exists when everyone who wants a job has one.
c. exists when the unemployment rate is zero

d. exists when everyone in the labor force has a job.
e. will always include some unemployment.

e

Economics

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The figure above shows the U.S. demand and U.S. supply curves for cherries. At a world price of $2 per pound once international trade occurs, the total exports of cherries from the United States to other nations equals

A) 200,000 pounds. B) 400,000 pounds. C) 600,000 pounds. D) 800,000 pounds. E) 0 pounds.

Economics

Efficiency losses are

A) deadweight losses caused by consumers being prevented by tariffs from buying products at the world price, products that they value more highly than that price. B) the total loss in consumer surplus from a tariff. C) the increase in producer surplus that is created by a tariff. D) the deadweight loss that is created because domestic firms have to charge higher prices to produce units of output than foreign firms would have to charge.

Economics