Which of the following is the best definition of the labor force participation rate?
a. the number of people age 16 and over who are available for employment
b. the percentage of the population age 16 and older who are willing and able to work
but are unable to obtain a job
c. the percentage of the working-age population in the labor force
d. the percentage change in the employed level from one year to the next
c. the percentage of the working-age population in the labor force
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Suppose an increase in price decreases quantity demanded from 210 to 190. Using the mid-point formula, the percentage change in quantity demanded is:
A. 2 = 200 percent. B. 0.2 = 20 percent. C. 0.2 = 20 percent. D. 0.1 = 10 percent
Jose's restaurant operates in a perfectly competitive market. At the point where marginal cost equals marginal revenue, ATC = $20, AVC = $15, and the price per unit is $10 . In this situation,
a. Jose's restaurant is earning a positive economic profit. b. Jose's restaurant should shut down immediately. c. Jose's restaurant is losing money in the short run but should continue to operate. d. the market price will rise in the short run to increase profits.
Which of the following is not a characteristic of a monopoly?
a. barriers to entry b. one seller c. one buyer d. a product without close substitutes
When the government bans a good:
A. it will only be effective if it can be easily enforced. B. it doesn't need to change the trade-offs consumers face. C. it should get approval from the community before exacting the ban to be more effective. D. the cost of breaking the ban needs to be sufficiently low in order to be effective.