The fraction of the working-age population that is in the labor force is called the:
A. employment rate.
B. unemployment rate.
C. labor force participation rate.
D. nonresponse rate.
Answer: C
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Use the following two statements to answer this question: I. The price elasticity of demand is constant along the entire length of a linear demand curve. II
The price elasticity of demand is the special name that economists give to the slope of a demand curve. A) I and II are true. B) I is true, and II is false. C) I is false, and II is true. D) I and II are false.
Intermediate goods are NOT included in Gross Domestic Product (GDP) calculations because
A. they are made from foreign raw materials. B. they have very low value added. C. they are produced overseas. D. they are used in the production of final goods and would then be counted twice.
If an individual's total utility from consuming two goods decreases, then there must be
A) a downward rotation of the individual's indifference curve. B) an inward rotation of the individual's indifference curve. C) an outward shift of the individual's indifference curve. D) an inward shift of the individual's indifference curve.
Which of the following is a normative economic statement?
A) Rising global demand for coal has led to increases in the price of coal. B) With rising mortgage rates and rising unemployment rates, the number of unsold homes has increased. C) The state of Texas is considering increasing funds for light-rail development to promote the use of public transportation. D) Pharmaceutical manufacturers should not be allowed to patent their products so prescription drugs would be more affordable.