Suppose an economy has the following characteristics: 100 people in the noninstitutional population; 40 people employed; 50 people not in the labor force. What's the unemployment rate?

If the United States starts to import a good that had previously been produced in the United States, the market price of the good in the United States

A) rises. B) falls. C) remains constant. D) either remains constant or rises, depending on how whether the supply of the good stays the same or increases. E) There is not enough information to answer the question because we need to know if the market price in the United States had been above or below the world market price before trade began.

Which of the following statements best describes the concept of consumer surplus?

A) "I paid $89 for a microwave oven last week. This week the same store is selling the same microwave oven for $69." B) "Target was having a sale on tube socks so I bought 5 pairs." C) "I sold my hard copy of Harry Potter and the Half-Blood Prince to a used book store for $10 even though I was willing to sell it for $5." D) "I was going to pay $200 for new sunglasses that I had seen at the Oakley store but I ended up paying only $140 for the same sunglasses."