If the labor force is 575,000 and the total population 16 years of age or older is 650,000, the labor-force participation rate is
A. 65.0%.
B. 75.0%.
C. 88.5%.
D. 92.5%.
Answer: C
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Free entry is said to exist in an industry when:
A) all firms entering an industry enjoy economies of scale. B) entry is unfettered by any special legal or technical barriers. C) equal amounts of inputs are available to all firms entering an industry. D) the government subsidizes costs for all new firms entering an industry.
The turnpikes built in the early 1800s were
(a) intercity toll roads. (b) highly profitable enterprises. (c) financed entirely by private enterprise. (d) regulated by the federal government.
JoAnn considers cola and plain sparkling water to be good substitutes. Suppose the price of sugar, a key ingredient used to produce cola, falls. According to the substitution effect, which of the following is most likely to occur?
a. JoAnn will purchase less cola and more sparkling water. b. JoAnn will purchase more cola and less sparkling water. c. JoAnn will purchase more of all goods due to her higher real income. d. JoAnn's demand curve will decrease (shift in), causing her to purchase less cola.
Related to the Economics in Practice on p. 36: In the survey conducted by Esther Duflo and Abhijit Banerjee, the extremely poor were found to consume ________ of their budgets on weddings, funerals, and other festivals.
A. less than 5 percent B. virtually none C. almost 10 percent D. over half