The labor force is defined as
A. the number of people who are working.
B. the number of people over 16 years of age.
C. the sum of the employed and the unemployed.
D. the number of people in blue-collar jobs.
Answer: C
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Other things remaining the same, an increase in the price level
A) decreases the quantity of real GDP supplied. B) decreases aggregate supply. C) increases aggregate supply. D) increases the quantity of real GDP supplied. E) neither changes aggregate supply nor changes the quantity of real GDP supplied.
A firm's marginal cost is $30, its average total cost is $50, and its output is 800 units. Its total cost of producing 801 units is
A) less than $40,000. B) between $40,000 and $40,050. C) between $40,050 and $40,080. D) greater than $40,080.
If demand is relatively elastic and supply is relatively inelastic, then the incidence of a tax will fall mainly on consumers
a. True b. False Indicate whether the statement is true or false
Which of the following best describes the economic concept of utility?
a. Utility is the total number of units of a commodity that a consumer buys. b. Utility measures usefulness of goods, such as tools or food, and so goods such as artwork or attractive landscaping by definition has no utility. c. Utility measures the satisfaction, or pleasure, that people receive form consuming a good or service. d. Utility measures the purchasing power of individuals.