The current U.S. population is about 300 million yet the current U.S. labor force is only about 150 million. What subtractions are made from the population number to set it equal to the labor force?
What will be an ideal response?
The population is first reduced by eliminating those who are less than 16 years of age or institutionalized. Then those who are neither working nor looking for work are eliminated. This leaves just those who are employed or unemployed. These two groups together comprise the labor force.
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List and compare the four components of the expenditure approach to calculating GDP
What will be an ideal response?
If a firm increases output and its average total cost rises, then the firm is experiencing economies of scale
a. True b. False Indicate whether the statement is true or false
The nominal tax rate is
A. Taxes paid divided by total economic income. B. Equal to the marginal tax rate. C. Taxes paid divided by taxable income. D. Lower than the effective tax rate.
A warranty on a used car is a credible signal of quality because:
A. many used cars come with warranties. B. it indicates the car is of average quality. C. it would cost the seller too much to honor a warranty on a low-quality car. D. sellers who offer warranties are more honest than most people.