The ________ is the ratio of the number of people in the labor force to the total adult population
a. unemployment rate
b. labor force
c. labor force participation rate
d. employment rate
c
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The Laffer curve demonstrates that raising tax rates:
A. increases then decreases tax revenues. B. always increases tax revenues. C. always decreases tax revenues. D. decreases then increases tax revenues.
Suppose that Canada pegs its currency to the U.S. dollar at a rate of $C1 = $US1 and that Canada is a major exporter of crude oil to the United States. The increase in the price of oil that occurred in the second half of 2007 is likely to:
A) cause Canada to adopt a contractionary monetary policy and the United States to adopt an expansionary monetary policy. B) cause Canada to adopt an expansionary monetary policy and the United States to adopt a contractionary monetary policy. C) cause both Canada and the United States to adopt contractionary monetary policies. D) cause both Canada and the United States to adopt expansionary monetary policies.
Microeconomics: a. provides an overall view of the economy and how it functions
b. explores the behavior of individual consumers and firms when confronted with scarcity. c. examines the aggregate behavior of consumers and firms when confronted with scarcity. d. is a "positive" science, whereas macroeconomics is a "normative" science.
Price elasticity of demand is the responsiveness of
A. demand for a good to a change in the demand for another good. B. demand to a change in income. C. the quantity demanded to a change in price. D. demand to a change in supply.