The fraction of the working-age population that is in the labor force is called the
A) labor force participation rate. B) unemployment rate.
C) employment rate. D) nonresponse rate.
A
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Refer to Table 7-4
a. Which country has an absolute advantage in the production of both light bulbs and flash drives? b. Which country has a comparative advantage in the production of light bulbs? c. Which country has a comparative advantage in the production of flash drives?
Suppose that a worker in Country A can make either 10 iPods or 5 tablets each year. Country A has 100 workers. Suppose a worker in Country B can make either 2 iPods or 10 tablets each year. Country B has 200 workers. Which of the following is true? The opportunity cost of:
A. 1 iPod in Country A is 2 tablets. B. 1 tablet in Country A is 2 iPods. C. tablets is lower in Country A than Country B. D. 1 iPod in Country B is 2 tablets.
If the Fed wants to limit the money supply, it should ______.
a. buy bonds b. decrease the interest rate paid on reserves c. raise the discount rate d. lower reserve requirements
Answer the following statement true (T) or false (F)
1) Cost-benefit analysis is frequently difficult to apply because it is difficult to quantify the full benefits of a public good or service. 2) Society's optimal amount of pollution abatement is where society's marginal benefit of abatement is zero. 3) An improvement in the technology of pollution control is likely to increase society's optimal amount of pollution abatement. 4) Society's marginal cost of pollution abatement curve slopes upward because of the law of diminishing marginal utility. 5) (Consider This) The principle that private negotiation can resolve potential externalities without resort to government intervention is known as the Coase theorem.