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 is
A) 239,000. B) 260,000. C) 281,000. D) 500,000.
C
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In the United States, the average level of educational attainment is approximately a
A. primary education. B. secondary education. C. higher education. D. graduate-level education.
We call an economy that is self-contained and does not engage in any trade with outsiders a(n):
A. autarky. B. oligopoly. C. oligarchy. D. monarchy.
In Figure 1 below if the economy were at Y2 then we would expect there to be:
A. a reduction in inventories.
B. an increase in inventories.
C. no change in inventories.
D. an increase in consumption spending.
If Johnny is willing to pay up to $3 for an ice-cream cone but she actually pays $1 for it. The consumer surplus of the ice-cream cone for Johnny
A) is $1. B) is $2. C) is $4. D) cannot be determined without information about the market structure.