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If the state of Rhode Island has 450,000 people employed, 300,000 people out of the labor force, and 50,000 people unemployed, then the unemployment rate is: A. 11.1% B. 6.7% C. 6.25% D. 10.0%

Okun’s Law shows the relationship between GDP growth and the change in the unemployment rate. Comparing the United States and Japan, we can say that: A. There is a stronger relationship between the unemployment rate and GDP growth in the United States. B. The relationship between the unemployment rate and GDP growth is exactly opposite in the United States and Japan. C. There is a weaker relationship between the unemployment rate and GDP growth in the United States. D. The relationship between the unemployment rate and GDP growth is about the same in the United States and Japan.

Thomas Malthus argued that even when there is real permanent technological progress, an increase in output per person is impossible because of the: A. Increase in population that will follow the increase in output. B. Inflation that follows an increase in output. C. High rate of infant mortality. D. Diminishing marginal product of land.

In the following diagram representing different production technologies to make 100 meters of cloth, a firm will switch from point B to point A because: Attachments A. The cost of producing at point A is always cheaper than producing at point B. B. The cost along isocost curve JH is always less than along isocost curve GF. C. As the price of coal goes from £20 per tonne to £5 per tonne, point A becomes cheaper than point B. D. The cost along isocost curve MN is less than along isocost curve FG.

Which of the following would be the least useful in measuring a country’s standard of living? A. Real disposable income B. United Nation’s Human Development Index C. Nominal GDP D. Real GDP per capita

One of the challenges that firms face in hiring workers is that of ________________ because of the firm’s lack of ability in always monitoring workers and workers’ ability to leave for another job. A. effortless work B. unemployment benefits C. worker laziness D. incomplete contracts


An employer will choose a wage for its employees which puts it on the: A. highest isoprofit curve. B. highest best response curve. C. lowest isoprofit curve. D. lowest best response curve.

The wage curve in the graph below slopes up because: Attachments A. workers’ employment rent decreases as the unemployment rate falls. B. workers’ employment rent increases as the unemployment rate falls. C. firms profits increase as the unemployment rate falls. D. workers need a higher wage as the unemployment rate increases.



Which of the following does not make it less likely that a consumer will smooth consumption over time? A. Impatience B. Credit constraints C. Patience D. Lack of collateral

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