Within the U.S. population, teenagers (ages 16-19) have lower rates of labor-force participation than adults of prime working age (ages 25-54), regardless of race or gender
a. True
b. False
Indicate whether the statement is true or false
True
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Draw an aggregate supply and aggregate demand graph which shows the economy producing an output which exceeds potential output in the short run, and the adjustment that will occur as the economy adjusts to long-run equilibrium
What will be an ideal response?
If 40 rupees = $1, then one rupee = _____________.
Fill in the blank(s) with the appropriate word(s).
If a firm has a downward-sloping long-run average cost curve over the entire range of market demand, it is a
a. local monopoly b. resource monopoly c. monopsony d. output monopoly e. natural monopoly
In the short run, the relevant costs for a firm to consider whether to shut down production are:
A. average total costs. B. average variable costs. C. average fixed costs. D. fixed costs.