The unemployment rate is the ________ who are unemployed
A) number of people in the labor force
B) percentage of people in the labor force
C) percentage of people in the country
D) percentage of the working-age population
B
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The situation described in the book as "smart for one, dumb for all" occurs when:
A. individuals make better decisions when they are alone than when they are part of a group. B. individuals act rationally, so there are no unexploited opportunities for society as a whole. C. individuals make better decisions when they are part of a group than when they are alone. D. individuals act rationally, but there are still unexploited opportunities for society as a whole.
Refer to the figure above. The optimal price charged by the monopolistic competitor is ________
A) P1 B) P2 C) P3 D) P4
Low-wage manufacturing industries exhibit which of the following?
(a) Low output per worker (b) Added value that rises above labor's share of total employment (c) Highly educated and skilled workers (d) All of the above
Persistent wage differentials between people having different skills violate the W = MRP ethic associated with the perfectly competitive market for labor
Indicate whether the statement is true or false