The "labor-force participation rate":
a. Equals the number of people employed divided by the number of people employed and unemployed.
b. Equals the number of people unemployed and actively seeking work divided by the non-institutional population over 16 years of age.
c. Is ironically very similar from one country to another.
d. Equals the number of people employed and unemployed (and actively seeking work) divided by the non-institutional population over 16 years of age and varies from country to country due to economic incentives, cultural backgrounds, expectations, and religious beliefs.
e. None of the above is correct.1.The labor force:
a. Is made up of individuals who are employed, individuals without a job and actively seeking work, and individuals without a job and not actively seeking work.
b. Is made up of individuals who are employed and individuals without a job and actively seeking work.
c. Is basically the same as a nation's non-institutional population over 16 years of age.
d. Rises with each new birth.
.B
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The Federal Reserve's primary function is to control the money supply
a. True b. False Indicate whether the statement is true or false
Suppose that population grows by 2 percent annually. For the standard of living to rise, which of the following must occur?
a. Nominal GDP must grow by more than 2 percent. b. Real GDP must grow by more than 2 percent. c. Real GDP per capita must grow by more than 2 percent. d. Consumption spending must grow by more than 2 percent. e. Private investment spending must grow by more than 2 percent.
Which of the following statements is not correct?
a. Fixed costs are constant. b. Variable costs change as output changes. c. Average fixed costs are constant. d. Average total costs are typically U-shaped.
The notion that "no man produces but with a view to consume or sell,"
A. sums up Say's Law. B. can be restated as "supply creates it own demand". C. was said by David Ricardo, elaborating on Say's Law. D. All of the choices are correct.