In a country with a working-age population of 100 million, 70 million workers are employed and 5 million workers are unemployed. What is the labor force participation rate?
A) 70 percent
B) 5 percent
C) 75 percent
D) 7 percent
C
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Imagine that a firm expands the size of its plant, doubling its total cost of production but more than doubling its output. This situation is known as
A. a violation of the law of diminishing returns. B. economies of scale. C. constant returns to scale. D. diseconomies of scale.
Couples marrying at younger ages in colonial America than in Europe contributed to the relatively higher birth rates
Indicate whether the statement is true or false
If the price level remains constant but the wage rate increases, then there will be __________ in production and the SRAS curve will shift __________
A) an increase; rightward B) a decrease; rightward C) an increase; leftward D) a decrease; leftward
Tax systems in developing countries tend to be efficient and reliable
Indicate whether the statement is true or false