According to the Bureau of Labor Statistics, most U.S. adults are either
A) employed or unemployed.
B) employed or not in the labor force.
C) unemployed or not in the labor force.
D) unemployed or underemployed.
B
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If the real interest rate increases, there is
A) an upward shift of the consumption function. B) a movement downward along consumption function. C) a change in the slope of the consumption function. D) a movement upward along the consumption function. E) a downward shift of the consumption function.
Because a monopsony must raise the wage on all labor hired in order to hire more labor,
A) the MCL curve is horizontal at the market wage. B) the MCL curve is negatively sloped. C) MCL = W. D) MCL > W.
When competitive forces in an industry are weak,
a. the absence of competition generally leads to overproduction. b. prices may exceed the amount consumers are willing to pay. c. the operational efficiency of private firms will be enhanced. d. higher prices and less than optimal production may result.
Blossom, Inc. sells 500 bottles of perfume a month when the price is $7. A huge increase in resource costs forces Blossom to raise price to $9, and the firm only manages to sell 460 bottles of perfume. The price elasticity of demand is:
A. 0.33 and elastic B. 3.0 and elastic C. 0.33 and inelastic D. 3.0 and inelastic