Suppose that homemakers are included as employed in the labor force statistics, rather than being counted as out of the labor force. This would
A) increase the measured labor force participation rate.
B) increase the measured unemployment rate.
C) decrease the number of persons in the labor force.
D) decrease the number of persons in the working-age population.
A
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The figure above illustrates a linear demand curve. If the price rises from $6 to $8 demand is ________ and if the price falls from $8 to $6 demand is ________
A) elastic; elastic B) elastic; inelastic C) inelastic; elastic D) inelastic; inelastic
Real labor income is given by ________
A) MPL × L B) labor share of income × labor productivity × labor C) labor share of income × output D) all of the above E) none of the above
If you are running a winery and you need one bottle for every 750ml of wine, then your production function
A) is inefficient. B) is considered "fixed-proportion." C) will have a diminishing marginal rate of technical substitution. D) has downward-sloping, straight line isoquants.
A year-long drought that destroys most of the summer's crops would be considered a:
A. short-run supply shock. B. long-run demand shock. C. long-run supply shock. D. short-run demand shock.