Suppose the working age population in Tiny Town is 100 people. If 25 of these people are NOT in the labor force, the ________ equals ________
A) unemployment rate; 25/100 × 100
B) unemployment rate; 25/75 × 100
C) labor force; 75
D) labor force; 25/100 × 100
C
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Refer to Figure 18.3. After trade and specialization begin, the maximum amount of pogo sticks that Livonia can consume is
A) 120. B) 100. C) 80. D) 40.
A possible reason to impose a protectionist policy such as a tariff is to
A) slow domestic production. B) protect domestic workers from foreign competition. C) aid other nations in developing their own industries. D) increase the welfare of domestic consumers.
What is deadweight loss? Whose loss is it? Explain
What will be an ideal response?
Which of the following best defines national income?
a) income received by households less personal taxes b) the before-tax income received by households c) incomes earned by U.S. resource suppliers plus taxes on production and imports d) the market value of the annual output net of consumption of fixed capital