Those individuals 16 years of age and over who are working in a job or actively seeking employment are called:
A) the labor force.
B) the employed.
C) the unemployed.
D) none of the above.
A
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The winner's curse occurs when
A) bidders "shade" their bids. B) the winning bid is higher than the good's common value. C) the winner buys something he didn't need. D) the winning bid is higher than the private value of the good.
Which of the following statements draws a false conclusion?
a. Life expectancy in an average African country is lower than in an average European country; therefore Europeans can expect to outlive Africans. b. Nations that currently produce no capital goods, and whose inhabitants are hungry, risk famine with internally funded capital investments. c. Some African nations have substantially more food and capital investment than others; therefore, their standard of living is higher. d. Population reduction policies, if effective, can improve the nation's wealth by increasing real per capita GDP. e. The vicious circle of poverty argument states that poverty precludes capital investment and that no capital investment perpetuates poverty.
If the income elasticity of demand is negative, this means that the good is
a. an inferior good b. sold at a lower than equilibrium price c. provided by a monopoly producer d. provided by competitive producers e. a normal good
If the wage rate increases and firms in a perfectly competitive industry are hiring labor, then
A. the firms will quit using labor. B. market supply will decrease. C. profits will increase. D. market price will decrease.