In a small country, the adult population equals 5,000. There are 4,000 people in the labor force and 3,000 people are employed. The labor force participation rate equals
A) 25 percent.
B) 80 percent.
C) 30 percent.
D) an undetermined amount given the lack of information.
B
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In the circular flow model, which of the following flows in the opposite direction from the flow of factors of production?
A) finished goods and services B) wages, rent, interest, and profit C) interests payments of Federal, state, and local governments D) firm's profit incentives E) the goods market
The relationship between the output gap and the cyclical rate of unemployment is known as
A) the Phillips curve. B) the LM curve. C) Murphy's law. D) Okun's law.
Games:
A. will always have a dominant strategy. B. are always zero sum. C. will always have several stable outcomes. D. None of the above are true.
In the classical model, we include unintended inventory changes
a. True b. False