In 2015, the labor force participation rate was 62.6 percent. This means that:
A. 62.6 % of all working age people were employed.
B. only 62.4 percent of labor force was in working age population.
C. 62.6 % of all working age people wanted a job.
D. there was 37.4 % unemployment.
Answer: C
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National income is equal to ________.
A. rent + transfer payments + interest + wages B. gross investment - depreciation + indirect business taxes - net foreign income C. wages + rent + interest + profits and losses D. net investment + depreciation + net exports + net foreign income
Economic reasoning implies that economic agents will make decisions:
A) by random selection. B) by comparing the costs and benefits of various options. C) solely on the basis of tastes and preferences for various options. D) by replicating the choices made by other economic agents.
The report that concluded that the world will run out of oil in about 40 years used which formula to calculate the number of years to depletion?
A) (proven reserves + unknown reserves) ÷ annual consumption = number of years to depletion B) total reserves ÷ total consumption = number of years to depletion C) proven reserves ÷ annual consumption = number of years to depletion D) proven reserves ÷ unknown reserves = number of years to depletion
Which of these questions does aggregate demand help us answer?I.What determines the total amount of our output that individuals, firms, governments and foreigners want to buy?II.What is the economy's long-run real Gross Domestic Product (GDP)?III.What determines the economy's equilibrium price level?
A. I only B. I and II C. II and III D. I and III