The labor-force participation rate tells us the fraction of the population that
a. is able to participate in the labor market.
b. has ever been employed.
c. has chosen to participate in the labor market.
d. has chosen not to participate in the labor market.
c
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If employers are provided a subsidy of $1 per hour for hiring workers, ________
A) the equilibrium real wage will decrease B) labor demand will decrease C) the equilibrium employment will increase D) labor supply will increase
The equilibrium of aggregate supply and aggregate demand represents the:
A. overall state of the national economy. B. total of all goods and services produced in the major sectors of the economy. C. general price level of the economy with respect to goods and services households purchase. D. All of these are true.
In economic theorizing, common sense will always lead to the correct answer.
Answer the following statement true (T) or false (F)
The law of increasing opportunity costs causes the production possibilities curve to:
A. be a straight line. B. slope upwards. C. have a bowed-out shape. D. shift inward.