What is the labor force? Employed 1000 Unemployed 500 Not in labor force 600
What will be an ideal response?
1500
(1000 + 500)
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An arrangement in which a group of countries give each other preferential trade terms is
a. Generalized System of Preferences b. customs union c. foreign trade zone d. General Agreement on Tariffs and Trade e. all of the above
A decrease in the price of a currency in terms of another under a flexible exchange rate regime is called:
a. capital flight. b. depreciation. c. revaluation. d. devaluation. e. currency adjustment.
Which of the following statements explains increasing returns to scale? a. A larger firm can produce at a higher average total cost than a smaller firm. b. A larger firm can produce at a lower average total cost than a smaller firm
c. A larger corporation has lower opportunity costs than a smaller corporation. d. The cost of production for each unit of good in a small firm always increases as output increases.
The price elasticity for beef is -0.5. If price for beef in the market increases (by a small amount), beef producers can expect their total value of sales (total revenue) to:
a. increase b. decrease c. stay the same d. can't tell from the available information