In a small country, there are 5,000 people in the labor force and 4,000 people are employed. The labor force participation rate equals
A. 40 percent.
B. 90 percent.
C. 80 percent.
D. an undetermined amount given the lack of information.
Answer: D
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We say that the demand for labor is a derived demand because
A. labor is hired using the MRP = MRC rule. B. the forces of supply and demand do not apply directly to labor markets. C. we demand the product that labor helps produce rather than labor service per se. D. labor is a necessary input in the production of every good or service.
Savings and loan associations are not a financial intermediary
a. True b. False
In the market for loanable funds in an open economy, the supply of loanable funds:
A. can come from domestic savers or savers abroad. B. is equal to public savings. C. is equal to private savings. D. is equal to national savings.
In a perfectly competitive market, a permanent increase in demand initially brings a higher price, economic
A) loss, and entry into the market. B) loss, and exit from the market. C) profit, and entry into the market. D) profit, and exit from the market.