The unemployment rate measures the:
a. number of people in the labor force divided by the adult population
b. percentage of people in the labor force who are unemployed.
c. percentage of people in an economy who have dropped out of the labor force.
d. number of people in the adult population who are looking for work.
e. number of people in the labor force who are not working.
b
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Because each perfectly competitive firm sells a product identical to that of the other firms
A) each firm tries to cut prices to increase its market share. B) each firm's output is a perfect substitute for the output of any other firm. C) each firm expects to earn some economic profit. D) the demand for each firm's product is perfectly inelastic.
The major incentive for cost minimization is the
A. power of shareholders in the company. B. fear of top management by workers. C. discipline imposed by the market system. D. impact on U.S. corporations of taxing by the government.
In 2013, the U.S. spending on research and development was:
a. the lowest among developed countries b. more than any other country c. more than most countries, but not China d. consistent with spending on R&D in 2012
Which of the following sentences is a positive claim and which is a normative claim? We need a higher minimum wage. Working people at minimum wage are not above the poverty level. That is not fair. But a higher minimum wage will mean that some low wage workers will be laid off and have no job.
What will be an ideal response?