The largest component of national income is:
a) compensation of employees.
b) rents.
c) interest.
d) corporate profits.
a) compensation of employees.
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The long-run labor demand curve is relatively flatter than the short-run labor demand curve because, in the short run,
A) the wage rate is fixed. B) the firm cannot vary the amount of capital used. C) the firm is a price taker. D) All of the above.
According to the graph shown, if the economy opens itself to free trade, it will become a:
This graph demonstrates the domestic demand and supply for a good, as well as a quota and the world price
for that good.
A. net exporter.
B. net importer.
C. autarky.
D. quota rent seeker.
Total profit is maximized if the slope of the total profit curve is
a. positive. b. negative. c. increasing. d. zero.
In 2016 the Bureau of Labor Statistics reported that there were 62.2 million people over age 25 whose highest level of education was a high school degree or equivalent. Of these, 33.7 million were employed and 1.8 million were unemployed. What were the labor-force participation rate and the unemployment rate for this group?
a. 54.2% and 2.9% b. 54.2% and 5.1% c. 57% and 2.9% d. 57% and 5.1%