The labor force participation rate is the percentage of the adult population that is
A. working or actively looking for work.
B. unemployed.
C. employed.
D. willing to work but unable to find jobs.
Answer: A
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The "principle of rival consumption" applies to which of the following?
A) national defense B) the free-rider problem C) the exclusion principle D) a private good
If the CPI for 2008 was 112, the typical market basket purchased that year would cost
a. 12 percent more than the same market basket purchased the previous year b. 112 percent more than the same market basket purchased the previous year c. 12 percent more than the same market basket purchased in the base year d. 112 percent more than the same market basket purchased in the base year e. more than the same market basket purchased during any previous year
In pure competition, price is determined where the industry:
A. average total cost equals total variable costs. B. total cost is greater than total revenue. C. demand and supply curves intersect. D. demand intersects the firm's marginal cost curve.
If there are external costs of production not accounted for, then marginal
A. social cost is zero. B. cost equals marginal social cost. C. cost is greater than marginal social cost. D. cost is less than marginal social cost.