Assume the U.S. population is 300 million. If 200 million people are of working age, 125 million are employed, and 15 million are unemployed, what is the size of the labor force?
A) 200 million B) 125 million C) 175 million D) 140 million E) 215 million
D
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In which market structures is there product differentiation?
A) perfect competition and monopolistic competition B) monopolistic competition and oligopoly C) oligopoly and monopoly D) perfect competition and monopoly
In the 1980s, banks lost many of their __________ borrowers, because these borrowers were able to sell their commercial paper to __________
A) small; savings-and-loan associations B) small; money market mutual funds C) large; savings-and-loan associations D) large; money market mutual funds
Suppose that the market price for hot dogs sold by street vendors has just risen from $4.50 to $5.00, and that in response Curly has now begun operating a hot dog cart. We can assume that Curly's reservation price for hot dogs is:
A. $4.50. B. at least $5.00. C. greater than $4.50 but no more than $5.00. D. $5.00.
Consider a competitive industry and a price-taking firm that produces in that industry. The market demand and supply functions are estimated to be: Demand: Qd = 10,000 ? 10,000P + 1.0MSupply: Qs = 80,000 + 10,000P ? 4,000PIwhere Q is quantity, P is the price of the product, M is income, and PI is the input price. The manager of the perfectly competitive firm uses time-series data to obtain the following forecasted values of M and PI for 2015:
= $50,000 and 
I = $20The manager also estimates the average variable cost function to beAVC = 3.0 ?
0.0027Q + 0.0000009Q2Total fixed costs will be $2,000 in 2015. The marginal cost function is: A. SMC = 3.0 ? 0.0054Q + 0.0000018Q2 B. SMC = 3.0 ? 0.0027Q + 0.0000009Q2 C. SMC = 3.0 ? 0.00135Q + 0.00000045Q2 D. SMC = 3.0Q ? 0.0027Q2 + 0.0000009Q3 E. none of the above