Of the 500,000 people (age 16+) in a particular country, 300,000 people are in the labor force. Of these, 240,000 are employed and 60,000 are unemployed. What is the labor force participation rate?
A. 80%
B. 55%
C. 60%
D. 48%
E. 25%
Answer: C
You might also like to view...
Overtime worked by a JCPenney associate is considered ________ and earns ________
A) labor; wages B) entrepreneurship; profit C) human capital; interest D) labor; profit
"Demand curves slope down, so the demand curve faced by a perfectly competitive firm must also be downward sloping." Do you agree or disagree? Why?
What will be an ideal response?
A shift from LRAS2 to LRAS1 represents ______.
a. an increase in the price level
b. a decrease in the price level
c. an increase in real GDPNR
d. a decrease in real GDPNR
Suppose a perfectly competitive market results in a long-run equilibrium price of $8 and quantity of 500. If this same market were a monopoly, which of the following price and quantity combinations would be the most likely?
A. Price: $10, Quantity: 350 B. Price: $8, Quantity: 500 C. Price: $6, Quantity: 650 D. Price will equal marginal revenue and quantity will be found where marginal revenue equals marginal cost.