Refer to Exhibit 6-2. The labor force participation rate in year 4 is
a. 12 1/2 percent.
b. 72 percent.
c. 87 1/2 percent.
d. 30 percent.
e. 80 percent.
Answer: a. 12 1/2 percent.
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How does the U.S. Labor Department treat individuals who begin working a part- time job because they cannot find full-time work?
a. as discouraged workers b. as partly employed c. as fully employed d. as unemployed
The right answer to the debate regarding the welfare effects of advertising is that
A. advertising always improves the functioning of the market. B. advertising always leads to positive economic profits in an industry. C. advertising always leads to concentration in an industry. D. there is no right answer.
The tax multiplier is negative because
A) tax rates are inversely related to tax revenues. B) taxes always have a negative impact on the economy. C) increases in taxes decrease disposable personal income and lead to a reduction in consumption spending. D) increases in consumption spending have a negative impact on tax revenues.
If firms in an oligopolistic industry consistently cut their price to sell more output, what price and output will result?
A) the monopoly price and output B) the competitive price and output C) the monopolistically competitive price and output D) a price lower than the competitive price and less output than the competitive amount E) a price lower than the competitive price and more output than the competitive amount