If the number of employed people in a country is 21 million, and the number of unemployed workers in a country is 10 million. The size of the labor force in the country is equal to ________
A) 31 million B) 21 million C) 11 million D) 10 million
Consider an economy that consists of the following economic agents only.
2 million full-time workers
1 million part-time workers
1 million people who have been laid off by their employers but are currently looking for employment
1 million children of age fifteen years or less
2 million housewives not looking for jobs
A
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Cost-reducing technological advancements allow suppliers to earn more profits but have no noticeable effect on the supply curve.
Answer the following statement true (T) or false (F)
What is the basic criticism that economic theory levels against the movement to base wages on the "comparable worth" of jobs?
A) Markets, not employers, set wage rates for different jobs. B) There are no jobs that are inherently more suitable for women than for men. C) There is no way to compare the satisfactions that different people derive from a job. D) Wage rates determine the worth of workers to an employer by determining the number that will be hired. E) Wage rates will be set by supply and demand and cannot be changed by anything government does.
The data in the table above are the U.S. balance of payments. What is the current account balance?
A) $0 B) $150 billion C) -$100 billion D) -$150 billion
The analysis of the competition between Apple and Samsung in the smartphone market is based on
A) microeconomic model. B) educated guessing. C) intuitive reasoning. D) consumer surveys.