The labor force is the sum of the
A) working-age population and the number of unemployed people.
B) number of employed people and the working-age population.
C) number of employed people and the number of unemployed people.
D) total population and the number of unemployed people.
C
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Suppose the labor market and all output markets are perfectly competitive. When the labor market is in equilibrium, the wage rate will:
A) be less than the marginal revenue product of labor. B) equal the marginal revenue product of labor. C) be greater than the marginal revenue product of labor. D) None of the above is necessarily correct.
An economy producing at an interior point of its production possibility frontier is ___
a. efficient, the economy is producing the highest possible quantities of all the goods b. inefficient, because resources are not full employed. c. efficient, because the economy is producing goods at the lowest possible cost d. inefficient, because that combination of goods could be produced at a lower cost if more efficient technology were employed
If you double input, output more than doubles.
What will be an ideal response?
Based on the figure below. Starting from long-run equilibrium at point C, a tax cut that increases aggregate demand from AD to AD1 will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies. 
A. D; C B. B; C C. B; A D. D; B