Tariff protection
a. encourages the optimum use of scarce resources.
b. has no impact on use of scarce resources.
c. prevents the optimum use of scarce resources.
d. eliminates the scarcity of resources.
c. prevents the optimum use of scarce resources.
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A monopsonistic employer faces a
A) perfectly elastic labor supply curve. B) perfectly inelastic labor supply curve. C) MFC curve that is greater than the wage rate at each quantity of labor. D) MFC curve that is less than the wage rate at each quantity of labor.
The labor force participation rate:
A. is measured by the labor force divided by the total population. B. tells us what fraction of the working-age population wants to be working. C. typically rises during periods of recession. D. is measured by those employed divided by the working-age population.
The percentage of our population below the poverty line is about _____%.
Fill in the blank(s) with the appropriate word(s).
Full employment implies which of the following is reduced to zero?
A. Cyclical unemployment only B. Frictional unemployment only C. Frictional and structural unemployment only D. Frictional, structural, and cyclical unemployment