Consider an economy with an adult population of 100, 50 of whom hold jobs, 10 of whom are looking for work, and 15 of whom are retired. The labor force participation rate is _____
a. 100 percent
b. 60 percent
c. 50 percent
d. 40 percent
e. 10 percent
b
You might also like to view...
When economists say that policy A is more efficient than policy B, they mean policy A is better than policy B.
Answer the following statement true (T) or false (F)
A movement down along a given isoquant causes the marginal rate of technical substitution to:
A) increase. B) stay the same. C) decrease. D) cannot be determined without additional information.
The impact of a strike is limited to the ability of the union to
A) prevent replacement workers from continuing their work. B) lower its wage demands of non-union members. C) control the pension fund. D) none of the above.
Which of the following would cause the demand for labor to change?
a. changes in the supply curve of labor b. changes in the workers' opportunity costs c. changes in the wage rate d. movements along the demand curve for labor e. changes in the price of the good