Who among the following is considered to be in the labor force?
A) retirees
B) full-time students
C) discouraged workers
D) unemployed workers
D
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Some online penny auctions charge a fee, such as $1, for every bid placed
Why should these costs of $1 per bid be considered sunk costs? Would it be smart for someone who has "already invested $5 in bidding costs" to keep bidding to "protect his or her sunk investments"? Why or why not?
With a 10% reserve requirement ratio, a $100 deposit into New Bank means that the maximum amount New Bank could lend is
A) $90. B) $100. C) $10. D) $110.
If the supply of a good is inelastic, _____.
(A) Producers have diminishing marginal returns of labor. (B) A small increase in price will lead producers to sharply increase their quantity supplied. (C) Producers will increase their quantity supplied in response to sharp drops in the market price. (D) Producers will not change their quantity supplied by much even if the market price doubles.
Economists refer to things that have already been produced that are in turn used to produce other goods and services as
A. entrepreneurship. B. capital. C. land. D. labor.