The labor force participation rate is the number
A. Of employed divided by the total population.
B. In the labor force divided by the working-age population.
C. Of unemployed divided by the number of employed.
D. Of employed divided by the number in the labor force.
Answer: B
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People who are only working part-time, but want to be working full-time, are classified officially as
A) unemployed and out of the labor force. B) employed and out of the labor force. C) employed and in the labor force. D) unemployed and in the labor force.
An example of structural unemployment is a(n):
a. textile worker who quits one job and waits for the new job to begin. b. engineer permanently laid off due to advances in technology. c. computer programmer who becomes rich and leaves the labor force. d. All of these.
A profit-maximizing firm employs resources to the point where:
A. MRC = MP. B. resource price equals product price. C. MRP = MRC. D. MP = product price.
Child labor is a common family survival strategy, especially for farmers in rural areas where it is hard to enforce rules or to reach the poor with any supporting infrastructure or social services
Indicate whether the statement is true or false