Using the information in the table above, calculate the number of people in the labor force
A) 2500
B) 2100
C) 1500
D) 800
C
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If demand rises and supply falls, which of the following must be true?
a. The equilibrium price will rise. b. The equilibrium price will fall. c. The equilibrium price will not change. d. The change in the equilibrium price is indeterminate.
The economy has gone into a recession. You have majored in computer science and, because of the recession, have difficulty in finding a job. Should you go back to school and get a second major?
A) No, the recession will have no impact on my ability to get a job or my future income. B) Yes, the recession will lower income in my field permanently. C) No, the recession will most likely be short-lived and I can get a job after it is over. D) Yes, the recession will ensure that you will never find a job as a programmer.
Inferior goods have an income elasticity of demand that is
a. positive b. negative c. 0 d. greater than 1 in absolute value e. equal to 1 in absolute value
A credit in the U.S. balance of payments occurs when
a. U.S. companies sell merchandise abroad. b. foreign companies sell merchandise to U.S. consumers. c. U.S. consumers send money to foreign companies. d. immigrants to the United States send presents of money back to their families in their native countries.