Suppose there was a country with an adult (age 16 and over) population of 1,000, of which 100 were unemployed and 700 were employed. Which of the following is true?
a. The employment population ratio is 87.5 percent.
b. The labor force participation rate is 70 percent.
c. The unemployment rate is 12.5 percent.
d. There are 700 individuals in this country's labor force.
C
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Laura is a manager for HP. When Laura must decide whether to produce a few additional printers, she is choosing at the margin when she compares
A) the total revenue from sales of printers to the total cost of producing all the printers. B) the extra revenue from selling a few additional printers to the extra costs of producing the printers. C) the extra revenue from selling a few additional printers to the average cost of producing the additional printers. D) HP's printers to printers from competing companies, such as Lexmark.
Changing the price of good Y will
A. only affect the demand for that good. B. have effects across some markets. C. keep prices down in all markets. D. have no effect.
Which statement is the most accurate?
A. The monopolist produces at the minimum point of its average total cost curve. B. The monopolist breaks even in the long run. C. The monopolist faces the entire industry demand curve. D. Nearly all monopolists are very large firms.
A firm finds that it must increase wages to attract extra workers. The firm will hire labor up to the point where the marginal:
A. Product of labor equals the wage rate B. Revenue product of labor is greater than the wage rate C. Revenue product of labor starts to decline D. Revenue product equals the additional cost of hiring an extra worker