Look at the following data: Employed persons = 110 million; civilian labor force = 135 million persons; civilian noninstitutional population = 190 million. The unemployment rate is __________ percent and the employment rate is __________ percent
A) 10; 69
B) 8; 57.9
C) 18.5; 57.9
D) 18.5; 81.5
E) 12; 88
C
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Suppose the marginal rate of technical substitution for labor with capital is 5, the marginal product of labor is 8, and the marginal product of capital is 4. Assuming the law of diminishing marginal product applies to both labor and capital, this firm:
A. is minimizing the cost of producing its output. B. could reduce costs by using fewer workers and more capital. C. could reduce costs by using less capital and more workers. D. could reduce the cost of producing the output by reducing workers and capital by the same proportion.
Price supports:
A. decrease pollution because participants must practice organic farming. B. neither increase nor decrease environmental pollution. C. increase pollution because supports encourage the cultivation of marginal land and the use of more pesticides and fertilizers. D. discourage rent-seeking activity.
Ben's Peanut Shoppe suffers a short-run loss. Ben will not choose to shut down if
A) his Peanut Shoppe's total revenue exceeds his fixed cost. B) his Peanut Shoppe's total revenue exceeds his variable cost. C) his Peanut Shoppe's total revenue exceeds his implicit costs. D) his Peanut Shoppe's total revenue exceeds his capital costs.
When the prices of a country's imports decrease, the prices of domestic goods may decrease. This occurs because
A. a decrease in the prices of imported inputs will cause aggregate demand to increase. B. if import prices fall relative to domestic prices, households will tend to substitute domestically produced goods and services for imports. C. if import prices fall relative to domestic prices, households will tend to substitute imports for domestically produced goods and services. D. a decrease in the prices of imported inputs will cause aggregate supply to decrease.