In an economy with a population of 100 million persons, 50 million hold civilian jobs and 20 million are not working but are looking for a job. The number of persons in the civilian labor force is
A) 50 million.
B) 70 million.
C) 170 million.
D) 180 million..
B
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In economics, the accumulated skills and training that workers have is known as
A) physical capital. B) human capital. C) innovation. D) entrepreneurship.
Arguments for placing restraints on policy makers fall into which of the following?
A) policy makers understand completely how the economy operates B) policy makers have good intentions, but end up doing more harm than good C) policy makers do what is best for them, not necessarily what is best for the country D) all of the above E) both B and C
A subsidy to wheat farmers will
A) increase the quantity of wheat demanded. B) decrease the quantity of wheat supplied. C) increase the supply of wheat. D) leave both the supply and demand of wheat unchanged.
In auctions, the winner always pays a price equal to the highest (his) bid
Indicate whether the statement is true or false