What was the labor force participation rate in 2004 in Table 6.1?Table 6.1?200420052006Working Age Population200 million225 million275 millionLabor Force150 million165 million200 millionUnemployed5 million15 million35 million
A. 75.0 percent.
B. 133.3 percent.
C. 77.5 percent.
D. 18.3 percent.
Answer: A
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New smartphone applications are developed to help consumers find the cheapest prices in the neighborhood. As a result,
A) firms get greater market power. B) consumers' search costs are greatly lowered. C) firms are able to charge higher prices. D) only smart markets become more competitive.
The economic functions of government differ from the political functions of government in that
A) the economic functions are carried out by the federal government, while the political functions are carried out by state and local governments. B) the economic functions include policies that affect income redistribution, while the political functions involve things that affect the way exchange is carried out. C) the economic functions involve things that affect the way exchange is carried out while the political functions include policies that affect income redistribution. D) the economic functions are carried out by state and local governments, while the political functions are carried out by the federal government.
In the long run the prices charged by a firm in monopolistic competition will be
a. high enough to provide profits to the firm. b. so low that many firms will drop out of the industry. c. equal to marginal cost. d. equal to average cost, including the opportunity cost of capital.
The delivery of first-class mail by the U.S. Postal Service is an example of
A) a monopoly. B) perfect competition because consumers have access to other methods of written communication; for example, email and text messaging. C) monopolistic competition, because mail delivery is a differentiated product provided by many firms. D) an oligopoly because a few other firms provide delivery of letters and packages.