Which of the following is considered out of the labor force?
A) the unemployed
B) those temporarily laid off who will soon be recalled
C) those who worked full time, but in a family business
D) those individuals who have started searching for employment for the first time
E) none of the above
E
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What are three major ways that corporations can cope with the principal-agent problem?
What will be an ideal response?
All else equal, if job turnover has people leaving jobs and finding new jobs in the same industry, this will
A) decrease the supply of labor, but not change the demand for labor. B) increase the demand for labor and the supply of labor. C) increase the demand for labor and decrease the supply of labor. D) not change demand or supply in the labor market.
The price elasticity of demand is the __________________ change in the quantity demanded of a good or service divided by the percentage change in the price.
a. quantity b. percentage c. relative d. absolute
According to the principle of marginal productivity, if
a. the product price is less than MRP, the firm is using too little of the input. b. the price of an input rises, the quantity demanded of the input will increase. c. MRP is greater than product price, the firm should reduce the use of the input. d. price of the input equals MRP, the firm is maximizing profit.