The labor force is
A) the sum of the employed and unemployed workers in an economy.
B) the total number of people in an economy who are over the age of 16.
C) the total number of employed people in an economy.
D) the percentage of employed people divided by the population.
A
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If the real wage rate is such that the quantity of labor supplied is greater than the quantity of labor demanded
A) the economy is at full employment. B) actual real GDP will not equal potential GDP. C) job search decreases. D) labor resources are allocated efficiently.
The value of the marginal product is the:
A. marginal product generated by an additional unit of input times the price of output. B. marginal revenue generated by an additional unit of output times the number of workers hired. C. additional inputs required to produce one more additional unit of output. D. average revenue generated by workers at a firm.
The United States has the most egalitarian distribution of income in the world
Indicate whether the statement is true or false
A tax on the buyers of sofas
a. increases the size of the sofa market. b. decreases the size of the sofa market. c. has no effect on the size of the sofa market. d. may increase, decrease, or have no effect on the size of the sofa market.