Suppose that homemakers are included as employed in the labor force statistics, rather than being counted as out of the labor force. This would
A) increase the measured labor force participation rate.
B) increase the measured unemployment rate.
C) decrease the number of persons in the working-age population.
D) decrease the number of persons in the labor force.
A
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A monopolist maximizes its profit by producing the amount of output that sets
A) total revenue equals total cost. B) marginal revenue equals marginal cost. C) marginal revenue equals zero. D) price equals marginal cost.
A cost that is unavoidable regardless of the actions of a decision maker is called
A. a sunk cost. B. a marginal cost. C. an opportunity cost. D. an incremental cost.
Assume that labor is the only variable input and that the payment made to labor is denoted as W. The ________ can be stated as W/MC.
A. marginal revenue product of labor B. total revenue from labor C. total cost of labor D. marginal product of labor
Refer to the graph below. Suppose that the economy is at an initial equilibrium where the AD1 and AS1 curves intersect. If cost-push inflation occurs and the government subsequently implements expansionary policy, then the effect of such policy is to shift:
A. AD1 to AD2, which increases the price level from P1 to P2, and increases real domestic output from Q3 to Q2
B. AS1 to AS2, which increases the price level from P1 to P2, and decreases real output from Q1 to Q2
C. AD1 to AD2, which increases the price level from P2 to P3, and increases real output from Q2 to Q1
D. AS2 to AS3 which increases the price level from P2 to P3, and decreases real output from Q2 to Q3