In August of 2013, the number of employed persons in the United States was 144.2 million, the number of unemployed persons was 11.3 million, and the number of persons not in the labor force was 90.5 million
What was the working-age population in August of 2013?
A) 155.5 million
B) 246.0 million
C) 234.7 million
D) 101.8 million
E) There is not enough information to answer this question.
B
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Countries in which wages adjust slowly to changes in the supply of and demand for labor are likely to have ________ sacrifice ratio
A) an infinite B) a high C) a low D) a zero
If the production of a particular good involves significant external costs, to force the externality to be internalized the government might:
a. impose a tax on production of the good in order to increase production. b. impose a tax on production of the good in order to decrease production. c. offer a subsidy for production of the good in order to increase production. d. offer a subsidy for production of the good in order to decrease production.
Suppose the price of good X falls. As a result, the quantity demanded for good X increases for a particular consumer. For this consumer, the substitution effect induced the consumer to purchase more X while the income effect induced the consumer to purchase less X. We can infer that X is a(n)
a. normal good. b. inferior good. c. Giffen good. d. luxury good.
Refer to the information provided in Figure 4.3 below to answer the question(s) that follow.
Figure 4.3Refer to Figure 4.3. Retailers will have an excess supply of pencils if the government will not allow retailers to charge less than ________ for a pencil.
A. $0.50 B. $0.45 C. $0.40 D. the equilibrium price