If the number of unemployed workers is 19 million, the number in the working-age population is 500 million, and the unemployment rate is 4%, how many workers are in the labor force?
A) 1 million
B) 20 million
C) 475 million
D) 481 million
Answer: C
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An event is productive as long as
A) it is incurred without any opportunity cost. B) it increases wealth. C) the value of the inputs exactly equals the value of the output. D) it creates a new material object. E) all of the above are true.
The benefit to the firm from hiring one additional worker is called the
A) marginal revenue product of labor. B) total revenue. C) marginal profit. D) marginal revenue.
Starting with an exchange rate of $1 = ¥110, and a price tag of ¥30,000 for a Japanese good, what happens to the dollar price of the good if the yen appreciates by 6 percent?
A) the dollar price of the good rises from $272.73 to $289.09 B) the dollar price of the good falls from $272.73 to $256.37 C) the dollar price of the good rises from $330,000 to $349,800 D) the dollar price of the good falls from $330,000 to $310,200 E) ?the dollar price of the good rises falls from $2,700 to $2,560
The elasticity of labor supply does not depend on
A. The prices of consumer goods. B. Expectations for income or consumption. C. The demand for labor. D. Income and wealth.