Suppose there are currently 100 people unemployed, 1500 people employed, and 2000 people in the working age population. The labor force participation rate equals 100 times
A) 100/1500.
B) 100/1600.
C) 1500/2000.
D) 1600/2000.
D
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Possible barriers to entry of new firms into an industry
a. include patents and controls over raw materials. b. enable monopolists to enjoy long-run profits. c. may consist of substantial economies of scale. d. All of these.
The direct relationship between changes in price and changes in quantity supplied is
A) a change in supply. B) shown by a shift in the supply curve. C) the law of supply. D) the law of relative production.
The Federal Trade Commission is an agency that would enforce
A. fair pricing for consumers. B. social regulation. C. antitrust laws. D. economic regulation.
A review of economic data suggests that:
A. over the last fifty years, recessions are becoming more common. B. business cycles are recurrent and periodic. C. recessions are shorter in duration than expansions. D. expansions are shorter than recessions.