Choose the correct statement.
A. The minimum wage results in decreased job search.
B. An unregulated labor market cannot allocate the economy's scarce labor resources to the jobs in which they are valued more highly.
C. The MSB from labor to workers is leisure foregone.
D. In a labor market with an effective minimum wage, the MSB of labor is greater than its MSC.
D. In a labor market with an effective minimum wage, the MSB of labor is greater than its MSC.
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Which of the following is not an example of nonprice competition?
a. Kellogg's introduces Froot Loops with Lemonberry Swirls. b. Sterling Planet provides consumers the opportunity to purchase renewable electricity in upstate New York. c. Mountain Dew sells "Livewire" orange soda in the summer of 2003. d. Nissan lowers the interest rate charged for new automobile financing. e. Honda produces a hybrid version of its Civic.
The unemployment rate is the number of people classified as unemployed as a percentage of: a. the entire population
b. the population over the age of sixteen. c. the labor force. d. the number of people over the age of sixteen who are employed.
The labor force participation rate is defined as the number of
a. unemployed individuals plus employed individuals divided by the number of individuals in the working-age population. b. employed individuals divided by the number of individuals in the working-age population. c. unemployed individuals plus employed individuals divided by the number of employed individuals. d. employed individuals divided by the number of individuals employed plus the number of unemployed individuals.
Sheila is on a temporary layoff from her automobile factory job but has not looked for work in the last four weeks. The Bureau of Labor Statistics counts Sheila as
a. unemployed and in the labor force. b. unemployed and not in the labor force. c. employed and in the labor force. d. employed and not in the labor force.