The unemployment rate is 6 percent. If the population is 300 million, and the number unemployed is 6 million and the number employed is 94 million, what is the size of the labor force?
What will be an ideal response?
The labor force is the sum of the number of employed people plus the number of unemployed people. Hence the labor force equals 94 million + 6 million = 100 million.
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If the federal government replaced the current income tax with a value-added tax
A) the prices of Treasury and municipal bonds would rise. B) the prices of Treasury and municipal bonds would fall. C) the prices of Treasury bonds would rise, while the prices of municipal bonds would fall. D) the prices of Treasury bonds would fall, while the prices of municipal bonds would rise.
A union that succeeds in raising the wage rate
a. will typically induce more workers into the industry b. will typically not create unemployment c. will typically open union membership to all who wish to join d. is typically in collusion with the firm e. is typically required to share a portion of its gain with nonunion members
The consumer faces a budget constraint because the market price of X is $3, the market price of Y is $3, and the consumer's budget is $90. In order for this consumer to choose the corner solution at point E, which of the following must occur?
A. price of Y must rise to $6. B. price of X must rise to $6. C. price of Y must rise to $9. D. price of X must rise to $9.
Adam Smith's theory of absolute advantage is based on the labor theory of value.
Answer the following statement true (T) or false (F)