The labor force participation rate:
A. tells us what fraction of the working-age population wants to be working.
B. is measured by the labor force divided by the total population.
C. is measured by those employed divided by the working-age population.
D. typically rises during periods of recession.
Answer: A
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Indicate whether the statement is true or false
In destination countries, as immigration occurs and more labor is employed, in the short run, wages fall and the marginal products of land and capital (fixed resources):
a. are unaffected. b. both rise. c. both fall. d. rise for one and fall for the other.
Consider the following three statements:
i. You can either stand during a college football game or you can sit. You believe that you will see the game very well if you stand and others sit but that you will not be able to see at all if you sit and others stand. You therefore decide to stand. ii. Your friend tells you that he expects many people to stand at football games. iii. An economist studies photos of many college football games and estimates that 75 percent of all fans stand and 25 percent sit. Which of these statements deals with optimization, which deals with equilibrium, and which deals with empiricism? Explain.
The Phillips curve indicates that when the labor market is ________, production costs will ________ and aggregate supply decreases
A) easy; rise B) easy; fall C) tight; fall D) tight; rise