The labor force divided by the working age population equals the:
A. unemployment rate.
B. participation rate.
C. employment rate.
D. population rate.
Answer: B
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The difference between the maximum price a consumer is willing to pay for a product and the actual price the consumer pays is called
A. utility. B. market failure. C. consumer demand. D. consumer surplus.
In the market for cell phones, which of the following events increases the supply of cell phones?
A. New technology lowers the cost of making a cell phone B. Rise in the price of an e-book reader (a substitute in production) C. An increase in people's incomes D. A rise in the wage rate paid to electronics workers
Which of the following is not a short-run impact of increasing tariffs on the American industries they seek to protect?
a. government tax revenues increase b. domestic production and sales by the protected industries increase c. consumers' real incomes decrease d. total domestic and foreign sales of those products in the United States increase
Assume Econville’s production possibility frontier divides goods into capital goods and consumer goods and that currently the country is both allocatively and productively efficient. How is this shown on the production possibility frontier?
a. Econville is operating inside its production possibility frontier. b. Econville is operating outside its production possibility frontier. c. Econville is operating on the production possibility frontier. d. It is not possible to show allocative and productive efficiency on the production possibility frontier.