The labor force includes
A. only those who are employed.
B. those who are employed, plus the unemployed.
C. the total population, less retirees.
D. the total population, less retirees and students.
E. the total population, less retirees, students, and government workers.
B. those who are employed, plus the unemployed.
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The ________ effect of a price change refers to the impact of a change in the price of a good on a consumer's purchasing power
A) income B) substitution C) ceteris paribus D) demographics
A shortage means that the quantity demanded is greater than the quantity supplied at the prevailing price
a. True b. False Indicate whether the statement is true or false
Which of the following is an example of a negative externality? a. A Japanese company exports cars to the U.S., which causes American workers to lose their jobs
b. An employee of a chemical company spills acid on his arm, causing severe damage. c. John plants fruit trees in his front yard, which attracts bees, which sting neighbor Mary. d. Sally buys coffee at McDonald's, spills some and burns her hand. e. Jack attempts to fix his roof, falls off, and breaks his leg.
Entry into a monopolistically competitive industry is
a. easy, but exiting is difficult b. difficult, but exiting is easy c. difficult, but not impossible d. impossible e. easier than entry into oligopoly