The labor force participation rate is defined as
A) the percentage of the working-age population that is employed.
B) the percentage of the working-age population that is unemployed.
C) the percentage of the labor force that is employed.
D) the percentage of the labor force that is unemployed.
E) the percentage of the working-age population in the labor force.
Answer: E
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If the government were to intervene and set a wage for unskilled labor above the market wage, then we would expect, relative to the market outcome,
a. an increase in the number of unskilled jobs available. b. a decrease in the number of unskilled jobs available. c. a decrease in the number of workers wanting unskilled jobs. d. None of the above is correct.
Two products are perfect substitutes if:
A. a consumer is willing to swap one for another at a fixed rate. B. they are valuable only when used together in fixed proportions. C. their indifference curves are L-shaped. D. an increase in the price of one good causes a decrease in the demand for the other good.
Which of the following statements is false?
A) Specialization and trade allow a country's inhabitants to consume at a level beyond its production possibilities frontier. B) Some of the goods the U.S. exports include cars, coal, and wheat. C) Some of the goods the U.S. imports include cars, oil, and coffee. D) A country has a comparative advantage in producing that good it can produce at lower opportunity cost than another country. E) none of the above
If supply decreases and the price doesn't change, there will be
A. neither a shortage nor a surplus. B. both a shortage and a surplus. C. a shortage. D. a surplus.