In a small town of 100 people, there are 10 children under 16, 10 retired people, 60 people with full-time jobs, 3 people with part-time jobs, 3 full-time students over 16, and 4 full-time homemakers. The remaining people did not have jobs, but wanted them. What is the participation rate in this town?
A. 87.5 percent
B. 72.0 percent
C. 81.1 percent
D. 63.0 percent
Answer: C
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Mike and Tom debone chicken breasts for Ted's Chicken Co. Mike is new and can only debone 30 chicken breasts per hour, while Tom's experience allows him to debone 60 chicken breasts per hour. Both Mike and Tom work 40 hours per week. Their average hourly productivity as a team is ________ chicken breasts.
A. 60 B. 30 C. 45 D. 90
The production possibilities frontier cannot be used to show
A. scarcity in a society. B. the trade-offs involved in production decisions. C. the unequal distribution of resources among the members of society. D. All of the responses are correct.
A profit-maximizing, competitive firm for which the marginal product of labor is diminishing also experiences
a. a perfectly inelastic supply of labor. b. a perfectly elastic supply of labor. c. a downward-sloping demand for labor. d. an upward-sloping demand for labor.
The symbiotic relationship between mass production and mass consumption was best personified by
A. John D. Rockefeller. B. Andrew Carnegie. C. Henry Ford. D. John Deere.