Question

1) Suppose the labor force participation rate is 45%, 195 people are not working, and the labor force is 123 million people. What is the unemployment rate? Show all your work.

2) What is the effect in the market for Chobani yogurt of a simultaneous decrease in income and business taxes? If demand shifts by a greater amount than supply shifts, then what happens to equilibrium price and quantity of Choban?

d. falls; falls

c. falls; rises

b. rises; falls

a. rises; rises

3) How would a decrease in consumer income affect the market for leather couches?

b. Demand would decrease, leading to a decrease in quantity supplied.

a. Demand would decrease, leading to a decrease in quantity demanded.

b. Demand would decrease, leading to a decrease in quantity supplied.

Demand would increase, leading to an increase in price and an increase in quantity sold.

4)

18. France and Spain each produce two goods: Brie and Sangria. For France, their production possibilities schedule is as follows: 300 Brie and 0 Sangria, 200 Brie and 10 Sangria, 100 Brie and 20 Sangria, and 0 Brie and 30 Sangria. For Spain, they can produce the following combinations: 60 Brie and 0 Sangria, 40 Brie and 30 Sangria, 20 Brie and 60 Sangria, and 0 Brie and 90 Sangria. In the no specialization-no trade case, suppose France produces and consumes 100 units of Brie and 20 units of Sangria (the before point). Spain produces and consumes 20 units of Brie and 60 units of Sangria. If the two countries specialize and trade, and the actual amounts traded are 125 units of Brie for 25 units of Sangria, how many more units of Sangria will Spain consume by specializing and trading?

Group of answer choices

c. 15

b. 5

a. 75

d. 10

5)

17. France and Spain each produce two goods: Brie and Sangria. For France, their production possibilities schedule is as follows: 300 Brie and 0 Sangria, 200 Brie and 10 Sangria, 100 Brie and 20 Sangria, and 0 Brie and 30 Sangria. For Spain, they can produce the following combinations: 60 Brie and 0 Sangria, 40 Brie and 30 Sangria, 20 Brie and 60 Sangria, and 0 Brie and 90 Sangria. In the no specialization-no trade case (the before point), suppose France produces 100 units of Brie and 20 units of Sangria. Spain produces and consumes 20 units of Brie and 60 units of Sangria as the before point. If
18. the two countries specialize and trade, and the actual amounts traded are 125 units of Brie for 25 units of Sangria, how many more units of Brie will France consume by specializing and trading?

Group of answer choices

b. 25

c. 15

d. 105

a. 75

Group of answer choices

6)

16. France and Spain each produce two goods: Brie and Sangria. For France, their production possibilities schedule is as follows: 300 Brie and 0 Sangria, 200 Brie and 10 Sangria, 100 Brie and 20 Sangria, and 0 Brie and 30 Sangria. For Spain, they can produce the following combinations: 60 Brie and 0 Sangria, 40 Brie and 30 Sangria, 20 Brie and 60 Sangria, and 0 Brie and 90 Sangria. For Spain, the opportunity cost of producing one unit of Brie is __________ unit(s) of Sangria.

Group of answer choices

c. ½

a. 1.5

b. 2

d. 2/3

Answer 1

Answer 1.

LFPR = labor force / civilian non -institutionalized population

45 % = 123 million/ civilian non-insitutionalized population

Civilian non-insitutionalized population= 123/45%

= 273 million

Not in labor force = Civilian non-insitutionalized population - labor force

Not in labor force = 273 million - 123 million

= 150 million

Unemployed people =People not working - not in labor force

= 195 million - 150 million = 45 million

Unemployment rate = unemployed people/labor force×100

= 45 million/123 million × 100

=36.59 %