U.S. prices rose at an average annual rate of about 3.6 percent over the last 80 years
a. True
b. False
Indicate whether the statement is true or false
True
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Can phenomena as diverse as pencil production and highway traffic be legitimately studied by economists?
A) No. One is properly in the field of business, the other in city planning. B) No. Although production is properly in the field of economics, highway traffic is only properly studied by planners and environmentalists. C) Yes. Both phenomena emerge from choices of individuals with limited information. D) Yes. Both phenomena emerge in the market system without any human intervention.
Refer to Figure 9.6. As a result of this policy, producer surplus will be
A) $2000. B) $3375. C) $4500. D) $6000. E) $12,000.
Labor resources include:
a. skilled workers but not unskilled workers. b. unskilled workers but not skilled workers. c. a robot. d. education and training of workers. e. coffee breaks.
If the adult population in the United States was 225 million people and 150 million of those people were in the labor force, the labor force participation rate would be
A. 40 percent. B. 33 percent. C. 67 percent. D. 150 percent.