In a country with a working-age population of 300 million, 230 million workers are employed and 40 million workers are unemployed. What is the labor force participation rate?
A) 100 percent
B) 90 percent
C) 65 percent
D) 5 percent
B
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At the time it collapsed in 1991, the Soviet Union possessed all of the factors that promote increases in economic growth except:
A. a large stock of capital. B. abundant natural resources. C. a political and legal environment that promoted economic productivity. D. a highly educated worker force.
If the price of one input changes, generally the firm will change its use of both inputs.
Answer the following statement true (T) or false (F)
A competitive equilibrium has all of the following properties except
A) MPN = slope of PFF. B) MRS1,C = MRT1,C. C) MRT1,C = MPN. D) MPN = w.
The price elasticity of gasoline supply in the U.S. is 0.4. If the price of gasoline rises by 8%, what is the expected change in the quantity of gasoline supplied in the U.S.?
A) +3.2% B) -3.2% C) +32.0% D) +0.32%