The sum of which of the following must be equal to the adult population?
A) employed, unemployed
B) employed, unemployed, labor force
C) employed, unemployed, not in the labor force
D) employed, unemployed, labor force, not in the labor force
Ans: C) employed, unemployed, not in the labor force
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If a good has a price elasticity of demand equal to 0, ________
A) the percentage change in quantity demanded for the good will be greater than the percentage change in its price B) the demand curve of the good is upward sloping C) the smallest increase in its price causes consumers to stop consuming it completely D) the quantity demanded is completely unaffected by a change in its price
Typically, the higher the level of income per person in a country, the higher the level of spending per person on health care. This relationship between income and spending indicates that health care is a
A) inferior good. B) necessity. C) normal good. D) luxury.
Suppose in the United States, the opportunity cost of producing a motor engine is 4 auto bodies. In Canada, the opportunity cost of producing a motor engine is 2 auto bodies
a. What is the opportunity cost of producing an auto body for the United States? b. What is the opportunity cost of producing an auto body for Canada? c. Which country has a comparative advantage in the production of auto bodies? d. Which country has a comparative advantage in the production of motor engines?
All of the following describe trends in U.S. labor markets except:
A. substantial growth in the level of employment in the United States since 2000. B. growing wage inequality in the United States in recent decades. C. a slowdown in real wage growth since the 1970s. D. substantial growth in real wages during the last century.