Refer to the following scenario to answer the next four ques…
Refer to the following scenario to answer the next four questions.A government worker surveys a number of households and comes up with the following information: there were a total of 200 people in the households, 25 of the people were children under 16, 10 of the people were retired but still capable of working, 100 people had full-time jobs, 15 had part-time jobs, 10 were stay-at-home parents, 20 were full-time students over the age of 16, 5 were disabled people who could not work, 10 people had no job but were looking for jobs, and there were 5 people who wanted a job but were not looking for a job. According to the information in the survey, the labor force participation rate is
Read DetailsIn March 2012, the State of California started to require al…
In March 2012, the State of California started to require all packaging for food and drink with the additive 4-methylimidazole (4-MI) be clearly labeled with a cancer warning. Because of this, both Pepsi and Coke changed their formula to eliminate 4-MI as an ingredient. If Pepsi and Coke had NOT changed their formulas, holding all else constant, what would have happened to the demand for these goods, assuming Pepsi and Coke were in a competitive market?
Read DetailsConsider the following data, where gross domestic product (G…
Consider the following data, where gross domestic product (GDP) values are measured in millions of dollars, to answer the next seven questions. What was the growth rate of nominal gross domestic product (GDP) from 2016 to 2017?
Read DetailsConsider the following data that gives the quantity produced…
Consider the following data that gives the quantity produced and unit price for three different goods across two different years to answer the next six questions. Assume that goods A, B and C are the economy’s entire output and that the base year is 2017.’ What was the rate of inflation between 2017 and 2018?
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