The unemployment rate will increase whenever there is a(n):
a. increase in the number of unemployed persons.
b. increase in the number of unemployed persons relative to the size of the labor force
c. increase in the size of the U.S. population but no change in the number of unemployed persons.
d. increase in the size of the labor force.
e. increase in the size of the U.S. population and a decrease in the number of unemployed persons.
b
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Which of the following is expected to happen if import restrictions are removed for a particular industry?
a. Supply will increase b. Supply curve will shift to the left c. Demand curve will shift to the left d. Prices will increase
Answer the next question using the figure below.
In the diagram, line AB is the U.S. production possibilities curve and line ACÂ shows the consumption possibilities for the U.S. after it has decided to engage in international trade. We can conclude that the United States
A. has decided to trade beef for cheese. B. has chosen to specialize in the production of cheese. C. is relatively more efficient than its trading partners in producing both cheese and beef. D. has chosen to specialize in the production of beef.