According to 2014 data on the U.S. population, which of the following groups of adults of prime working age (ages 25-54) had the lowest labor-force participation rate?
a. white males
b. white females
c. black males
d. black females
b
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The clothing industry has many firms with differentiated products and no barriers to entry. The cereal industry has a few firms with either identical or differentiated products and moderate barriers to entry
The food industry is characterized as ________ and the cereal industry is characterized as ________. A) perfect competition; monopolistic competition B) monopolistic competition; oligopoly C) oligopoly; monopolistic competition D) perfect competition; perfect competition E) monopolistic competition; monopoly
If a monopoly can advertise and as a result the demand curve will become more inelastic, the monopoly
A) should always engage in the advertising. B) should engage in the advertising until the demand curve becomes more elastic. C) will earn higher gross profit if it advertises. D) None of the above.
Consider the above figure. If the aggregate demand fell from AD1 to AD2, our nation would be experiencing
A) an inflationary gap. B) a recessionary gap. C) overemployment. D) rising prices.
If people have more time to adjust to a price change,
a. demand becomes more elastic, and supply becomes less elastic b. demand becomes less elastic, and supply becomes more elastic c. both supply and demand become less elastic d. both supply and demand become more elastic e. elasticity of both demand and supply tends toward unity