If a society has 100 million people over the age of 16, 58 million who are working, and 2 million who are looking for work, with 40 million others neither working nor looking for work, the labor force participation rate is
A. 40% (40/100).
B. 58% (58/100).
C. 42% ((2+40)/100).
D. 60% (60/100).
Answer: D
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The number of people looking to buy ceiling fans increases, so there is an increase in the
A) quantity of ceiling fans demanded and a surplus of ceiling fans. B) demand for ceiling fans and a rise in the price of a ceiling fan. C) demand for ceiling fans and a surplus of ceiling fans. D) supply of ceiling fans and no change in the price of a ceiling fan. E) demand for ceiling fans and in the supply of ceiling fans.
Refer to Current and Future Consumption. This consumer can lend and borrow at an interest rate of
The following questions refer to the accompanying diagram, which shows a consumer's choice between current and future consumption.
a. 8%.
b. 25%.
c. 64%.
d. 100%.
The economy of Omega operates according to Okun's law. In Omega, potential GDP and real GDP both equal $7 trillion, and the natural rate of unemployment equals 6 percent. What is the actual rate of unemployment in Omega?
A. 13.0 percent B. 4.2 percent C. 6.0 percent D. 7.0 percent
Which of the following is not a characteristic of a monopolistically competitive market?
A. There is only one firm selling a product. B. There are many firms selling products that are similar but not identical. C. There are many firms that have some control over price. D. There are no artificial barriers to entry.