In an economy, U = the number of adults who are unemployed, E = the number of adults who are employed, and NLF = the number of adults not in the labor force. The labor force participation rate in the economy is equal to:
a. U/(U + E)
b. E/(U + E).
c. U/(U + E + NLF).
d. E/(U + E + NLF).
e. (U + E)/(U + E + NLF).
e
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The value of a household's assets minus the value of its liabilities is called
A) wealth. B) income. C) debt. D) stock.
Critical assumptions behind the Laffer curve include
a. labor supply is inelastic. b. investment is very responsive to higher savings and lower interest rates. c. the economy is above the marginal tax rate that maximizes tax revenue. d. both b and c. e. all of the above.
A public expenditure that has to be approved each year is called:
A. discretionary spending. B. nondiscretionary spending. C. entitlement spending. D. earmarked spending.
The following linear demand specification is estimated for Conlan Enterprises, a price-setting firm:Q = a + bP +cM +dPRwhere Q is the quantity demanded of the product Conlan Enterprises sells, P is the price of that product, M is income, and PR is the price of a related product. The results of the estimation are presented below: 
For the next 2 questions suppose income remains at $10,000 but the price of the related good increases to $60 and Conlan decides to raise the price of its product to $50. What is the new own price elasticity of demand?
A. -0.87 B. -1.26 C. -0.24 D. -0.43 E. -1.00