As the economy ________, the labor force increases, and as the economy ________, the labor force decreases.
A. expands; contracts
B. contracts; expands
C. develops; matures
D. matures; develops
Answer: A
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Since the mid-1970s, the average U.S. tariff rate is
A) less than 5 percent. B) between 6 percent and 15 percent. C) between 16 percent and 25 percent. D) between 26 percent and 35 percent. E) larger than 36 percent.
Into which category of aggregate expenditure would each of the following transactions fall?
a. Sandra MacMillian purchases a new Ford Focus. b. The city of Richardson buys 5 new garbage trucks. c. Adrian Garcia buys a newly constructed townhome. d. A consumer in Latvia orders an iPhone from Apple. e. Ford Motor Company buys 300 new iPhones from Apple.
. If firms perceive that the economy is slowing down or entering a recession, then they will wish to hire a _____ quantity of labor at any given wage, and the labor demand curve will shift to the _____.
a. greater; left b. greater; right c. lower; left d. lower; right
An increase in the population of an economy will result in decreased output
a. True b. False Indicate whether the statement is true or false