Assume the U.S. population is 300 million. If the working age population is 240 million, 150 million are employed, and 6 million are unemployed, what is the labor force?
A) 300 million
B) 240 million
C) 156 million
D) 150 million
E) 144 million
C
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To close a $100 recessionary gap, with MPC = 0.5, the government can
a. increase its spending by $100 b. decrease its spending by $100 c. increase its spending by $200 d. increase its spending by $200 e. decrease its spending by $50
Thomas Edison once said that he began making real profit on light bulbs when he dumped his surplus on the European market at less than the "cost of production." From this we can deduce Edison
a. did not want to maximize profit. b. understood the difference between marginal and average cost. c. had a different definition of the term "profit." d. did not understand the difference between fixed and variable cost.
In 1931, a politician was paid a salary of $75,000. Government statistics show a consumer price index of 15.2 for 1931 and 195 for 2005. The politician’s 1931 salary was equivalent to a 2005 salary of about
a) $962,171 b) 1,125,008 c)1,154,262 d)1,455,995
Special taxes levied on earnings for Social Security and Medicare are called:
A. a withholding tax on wages. B. a social insurance tax. C. an unfair tax on low-income families. D. an exception tax for corporations.