In the table above, the size of the labor force is
A) 80 million.
B) 46 million.
C) 42 million.
D) 40 million.
E) 34 million.
C
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Economists James Buchanan and Gordon Tullock are well-known for developing
A) the concept of government failure. B) the voting paradox. C) the impossibility theorem. D) the public choice model.
Rational choice by an individual implies
a. the use of some mathematical model when solving a problem b. making decisions aimed at achieving some predetermined goal c. that only monetary costs and benefits are weighed d. that an individual will never regret any action taken e. that scarcity can be eliminated for that individual
When the marginal product of labor increases as the amount of labor employed increases,
a. the additional worker has made other workers more productive b. the firm also must have increased the amount of capital c. the firm is experiencing economies of scale d. there has been an improvement in the available technology e. the law of diminishing returns has been violated
A country’s level of productivity determines its
A. productivity growth rate. B. rate of population growth. C. current standard of living. D. future income potential.