In a country with 200 million people aged 16 years and older, 120 million are in the labor force, and 114 million are employed, what is the participation rate?
A. 57 percent
B. 40 percent
C. 95 percent
D. 60 percent
Answer: D
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As compared to the estimates of the natural rate of unemployment for the United States, those for Europe are
A) higher. B) the same. C) lower. D) higher and more variable.
Which of the following will increase the price needed to break even?
a. A decrease in overall fixed costs b. A decrease in the marginal costs c. An increase in fixed costs d. An increase in the level of production
Which of the following is true? a. People specialize by concentrating their energies on the activity to which they are best suited, because they incur lower opportunity costs as a result. b. One advantage of specialization is that workers acquire greater skill from repetition
c. If a person, a region, or a country can produce a good or service at a lower opportunity cost than others, we say that they have a comparative advantage in the production of that good or service. d. All of the above are true.
The U.S. Air Force pays a Turkish citizen $30,000 to work on a U.S. base in Turkey. As a result,
a. U.S. government purchases increase by $30,000; U.S. net exports decrease by $30,000; and U.S. GDP is unaffected. b. U.S. government purchases increase by $30,000; U.S. net exports are unaffected; and U.S. GDP increases by $30,000. c. U.S. government purchases, net exports, and GDP are unaffected. d. U.S. government purchases are unaffected; U.S. net exports decrease by $30,000; and U.S. GDP decreases by $30,000.