The labor force is best defined as the part of the
A. adult population that is working.
B. population that is working or capable of working.
C. population that is working, looking for a job, or capable of working.
D. adult population that is either working or actively looking for a job.
Answer: D
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During the Great Depression of the 1930s when the unemployment rate was exceptionally high due to the Great Depression, the government had employment programs, such as the Civilian Conservation Corps, which built campsites and planted trees. These programs were aimed at reducing which type of unemployment?
A) cyclical B) avoidable C) structural D) frictional E) discouraged
The Heckscher-Ohlin model predicts all of the following EXCEPT
A) the volume of trade. B) which country will export which product. C) which factor of production within each country will gain from trade. D) that relative wages will tend to become equal in both trading countries. E) that trade increases a country's overall welfare.
Consumer preferences for chocolate milk have decreased. If all other things are equal, what is the likely result of this decrease?
a. The supply of chocolate milk will decrease sharply. b. Market demand for chocolate milk will shift to the left. c. Market demand for chocolate milk will shift to the right. d. Both the price and supply of chocolate milk will decrease.
The law of diminishing returns
a. explains why marginal cost eventually increases as output expands. b. implies that average fixed cost will remain unchanged as output expands. c. is true for physical production activities but not for activities such as studying. d. applies to a capitalist economy but would be irrelevant if the means of production were owned by the state.