Consider an economy made up of 100 people, 60 of whom hold jobs, 10 of whom are looking for work, and 15 of whom are retired. The number of people in the labor force is
a. 30
b. 60
c. 85
d. 90
e. 70
E
You might also like to view...
A natural monopoly is likely to arise when:
a. the government restricts entry through licensing b. patents provide protection of intellectual property. c. economies of scale exist over the relevant range of demand. d. a firm controls a crucial input to production.
Which of the following coordinates the choices of buyers and sellers, bringing quantity demanded and quantity supplied into balance?
a. taxes and subsidies b. consumer demand c. government mandates d. the market price
The goal of advertising is to
A. increase the standardization of the industry. B. reduce the price elasticity of demand for the firm's product. C. encourage firms to enter into the industry. D. increase the price elasticity of demand for the firm's product.
Refer to the graphs above. Suppose a firm is currently producing 500 computers per week and charging a price of $1000. What happens to the firm's inventory of computers if there is a negative demand shock and prices are flexible?
A.
The firm's inventories will not change
B.
The firm's inventories will increase by 200 computers per week
C.
The firm's inventories will decrease by 150 computers per week
D.
The firm's inventories will increase by 350 computers per week