Economists define the labor force to include:
A. only people who are working full time.
B. people who are working.
C. people who are not working but are actively looking for a job, and people who are working.
D. all individuals of working age, regardless of whether they are working or looking for a job.
Answer: C
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When lenders are unable to get good information about the worthiness of a project the lender has the problem of
A) adverse selection. B) moral selection. C) moral hazard. D) adverse hazard.
If a firm is a price taker in both the labor market and the output market, it will
A) earn zero economic profit in the short run. B) hire labor until the marginal product of labor equals zero. C) hire labor until the marginal revenue product equals the output price. D) hire labor until the marginal revenue product equals the wage rate.
When the government charges an output tax to eliminate an externality, it forces the manufacturer to ________ the negative externality
A) charge customers for B) internalize C) stop producing D) increase the production of
Studying inflation in the United States from 1970 to 2006 is an example of using
A) randomized controlled experiments. B) time series data. C) panel data. D) cross-sectional data.