Describe the size of government employment as a percentage of the labor force. What are three major types of government employment at the state and local levels and at the Federal level?
What will be an ideal response?
In 2011, government workers accounted for about 16 percent of the labor force. At the state and local levels, the largest components of workers are involved in education either in elementary and secondary schools (42%) or in higher education (11%). This category is then followed by hospital and health care (8%). At the Federal level, the two major types of work categories are national defense (28%) and postal services (22%), followed by hospitals and health care (13%).
You might also like to view...
Kate and Alice are small-town ready-mix concrete duopolists. The market demand function is Qd = 20,000 - 200P, where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year. Marginal cost is $80 per cubic yard. The Cournot model describes the competition in this market. Which of the following gives Alice's best response function?
A. QA = 200 - 0.01QA B. QA = 100 - 0.005QK C. QA = 2,000 - 0.5QK D. QA = 2,000 - 0.5QA
Based on the relative size of factor payments, the most important resource in the U.S. economy is
a. capital. b. land. c. labor. d. natural resources.
What is the relationship between start-up costs and a competitive market?
(A) There is no consistent relationship between start-up costs and the competitiveness of a market. (B) Low start-up costs are likely to make a market less competitive. (C) Markets with high start-up costs are more likely to be perfectly competitive. (D) Markets with high start-up costs are less likely to be perfectly competitive.
If ________, then a profit-maximizing, monopolistically competitive firm earns negative economic profits.
A. P < ATC B. P > ATC C. P = ATC D. All of the above are possible.