Suppose an economy consists of 500,000 individuals 16 years and older, 260,000 are employed, and 21,000 are unemployed but actively seeking work. In this example the labor force participation rate is approximately
A) 4 percent. B) 48 percent. C) 52 percent. D) 56 percent.
D
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According to Hayek, a social planner has no hope of matching the efficiency of a competitive pricing system because
a. no social planner can be completely benevolent in his actions. b. a social planner cannot have access to the specialized knowledge of individuals. c. the social planner will be unable to fully monitor the activities of his agents. d. people are selfish and will not be actively altruistic to the social planner.
Economic growth comes from ________
A) people willing to increase their skills in which case, economic growth is free B) producing more goods than people want to consume C) capital accumulation and the avoidance of opportunity cost D) capital accumulation and technological advance
A(n) ________ is an effort to kick-start the economy by increasing government spending or lowering interest rates.
A. speculative bubble B. austerity measure C. financial crisis D. economic stimulus
Why does a sports car cost more than a truck?
A. because truck manufacturers know that their customers have relatively low incomes B. because sports car manufacturers are greedier than truck manufacturers C. because more scarce resources are required to produce a sports car than to produce a truck D. because sports cars are priced higher in order to make them attractive as status symbols