The labor force participation rate shows the percentage of
A) people not working, but who want to work.
B) people who are not actively participating in meaningful economic activity.
C) new entrants into the labor force.
D) non-institutionalized working-age people who are actually working or seeking employment.
D
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If a public service commission requires a natural monopoly to set its price equal to the long-run marginal cost, this will result in
A) excessive economic profits to the monopoly. B) normal economic profits to the monopoly. C) losses to the monopoly. D) either economic profits or losses, depending on the efficiency of the monopoly.
The U.S. remains the world's economic leader in all respects
a. True b. False Indicate whether the statement is true or false
A price-taker firm will tend to expand its output so long as its
a. marginal revenue is positive. b. marginal revenue is greater than the market price. c. marginal revenue is less than the market price. d. marginal cost is less than the market price.
Which statement is true?
A. Comparative advantage and absolute advantage are identical terms. B. A country can have a comparative advantage without having an absolute advantage. C. The U.S. has a comparative advantage and an absolute advantage with nearly all of its trading partners. D. Trade cannot take place unless each trading partner has an absolute advantage in the production of the good or service that it is trading.