Because of the large number of firms that operate in the agricultural industry, the supply of agricultural products is inelastic over the entire range of output
Indicate whether the statement is true or false
FALSE
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Any profit earned by a corporation
A) does not get taxed. B) gets taxed once. C) gets taxed twice. D) gets taxed five times.
If the real wage needs to decrease to restore equilibrium in a labor market, this can happen by
A) keeping the nominal wage constant and allowing deflation to allow the real wage to decline. B) keeping the nominal wage constant and allowing inflation to allow the real wage to decline. C) raising the nominal wage and allowing deflation to allow the real wage to decline. D) raising the nominal wage so long as there is no inflation occurring in the economy.
____is the total output produced by a firm.
Fill in the blank(s) with the appropriate word(s).
The civilian labor force consists of:
A. all civilians over the age of 16. B. the employed plus the unemployed who are not in the military. C. only individuals who are actually at work during a given week. D. civilians who are not in prisons or mental hospitals.