As of 2010, approximately what percentage of the women in the U.S. participated in the civilian labor force?
A. 50 percent.
B. 75 percent.
C. 60 percent.
D. 40 percent.
Answer: C
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Suppose that, instead of taking this test, you could either have worked and earned income or partied and had a pleasurable time. Your opportunity cost of taking the test is the
A) forgone work. B) forgone party. C) forgone working and partying. D) forgone working or partying, depending on which was your next best choice. E) test because you are taking it.
Explain the real-nominal principle.
What will be an ideal response?
The presence of new goods that are of higher quality than the old goods leads the BLS to
A) update the market basket every time a new good is available. B) do nothing because at least some people still buy the old goods. C) try to separate price differences from improvements in quality. D) actually understate the cost of living when calculating the CPI. E) immediately update the reference base period used in calculating the CPI.
If the price of milk was $2.50 a gallon and it is now $3.25 a gallon, what is the percentage change in price?
A) 13 percent B) 30 percent C) 75 percent D) 77 percent