The Labour Force is defined as:
(a) The total number of persons employed.
(b) The total number employed minus the unemployed (those who are available and willing to work).
(c) The sum of the employed and unemployed (those who are available and willing to work).
(d) None of the above.
Answer: (c) The sum of the employed and unemployed (those who are available and willing to work).
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Philosopher John Rawls developed a thought experiment to help determine a standard by which we could say individuals are in agreement with the constitutional rules and, thus, actions of government. Behind his "veil of ignorance" _____
a. people know nothing about their friends and family b. people know nothing about themselves c. people know nothing about causal relationships d. people know nothing about politics
If the demand for hand-sewn leather shoes increases, it is highly likely the demand for:
A. leather will decrease. B. skilled sewers will increase. C. needle and thread will decrease. D. all shoe-types will also increase.
The law of increasing opportunity costs is a result of the fact that:
A) the value of the dollar has declined over time. B) wage rates rise as the economy reaches full employment. C) consumers tend to value a good more when they don't have much of it. D) resources are not equally productive in all output categories.
The price of a good will fall if:
A. there is an excess demand of the good. B. demand and supply of the good are the same. C. there is an excess supply of the good. D. the price is below the equilibrium price.