If there are 48 million people in a country's labor force, and the number of potential adult workers in the country is 80 million, the labor force participation rate in the economy is:
A) 90 percent. B) 60 percent. C) 48 percent. D) 80 percent.
B
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Increased labor demand will result in
A) lower wages. B) more employment benefits. C) higher wages. D) no change in wages.
If the value of your debt is decreasing over time, we know that:
A. the real interest rate is negative. B. the real interest rate is positive. C. the real interest rate is zero. D. inflation is zero.
If the price of bread is zero and the price of cheese is positive, then the budget constraint between bread (on the horizontal axis) and cheese (on the vertical axis) would
a. be vertical. b. coincide with the vertical axis. c. coincide with the horizontal axis. d. be horizontal.
Which of the following is true?
A) Adam Smith proposed the theory of comparative advantage as the basis for trade in The Wealth of Nations. B) David Ricardo proposed the theory of absolute advantage as the basis for trade. C) Absolute advantage is based on comparing the opportunity costs of trading partners. D) The Ricardian model assumes labor is perfectly mobile.