The labor force equals the number of people:
A. aged 16 years and older.
B. employed.
C. employed, unemployed and discouraged.
D. both employed and unemployed.
Answer: D
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Consider two goods: peanut butter and jelly. If the price of jelly increases from $2 a jar to $3 per jar and the quantity demanded of peanut butter decreases from 50 jars to 45 jars, what is the cross elasticity of demand? Are the goods substitutes
or complements?
If peanuts serve as a medium of exchange, a unit of account, and a store of value, then peanuts are
A) bank deposits. B) reserves. C) money. D) loanable funds.
A country that grows faster than the rest of the world should find its imports growing faster than its exports.
Answer the following statement true (T) or false (F)
If a monopsonist offers a wage of $6, he finds that 1,200 people are willing to work for him. This means that the:
A. marginal factor cost is $6. B. marginal factor cost is $200. C. total wage cost is $1,200. D. total wage cost is $7,200.