Which of the following individuals is part of the labor force?
A. The CEO of General Motors
B. A retired schoolteacher
C. A stay-at-home mom
D. A woman serving seven years in the penitentiary for selling drugs
A. The CEO of General Motors
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Scarcity is a situation in which resources are unlimited in quantity and can be used in different ways
Indicate whether the statement is true or false
Suppose that a worker in Country A can make either 10 iPods or 5 tablets each year. Country A has 100 workers. Suppose a worker in Country B can make either 2 iPods or 10 tablets each year. Country B has 200 workers. Country B would be using resources efficiently if they were producing:
A. (200 iPods, 1,750 tablets). B. (200 iPods, 1,500 tablets). C. (200 iPods, 1,000 tablets). D. (200 iPods, 750 tablets).
Price floors are used as a method to:
a. ensure buyers that goods won't be cheaper tomorrow. b. see that production levels don't fall too low. c. guarantee there will be enough food for everyone. d. combat excess demand in the market. e. ensure sellers a minimum price for their goods.
If consumption increases by $9 when disposable income increases by $10, the marginal propensity to consume (mpc) equals:
A. 9.0. B. 0.9. C. 1.0. D. 0.1.