Suppose the number of people employed is 25 million and the number of people in the labor force is 75 million. What is the employment-to-population ratio?
A) 33 percent
B) 25 percent
C) 75 percent
D) There is not enough information given to answer the question.
D
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Refer to Figure 24-3. Suppose the economy is at point A. If the economy experiences a supply shock, where will the eventual short-run equilibrium be?
A) A B) B C) C D) D
On-budget expenditures:
What will be an ideal response?
All of the following are limitations on the market power of a monopoly except
A. The ability of a company to control the quantity supplied. B. The demand curve. C. The inability of a firm to control demand. D. The elasticity of demand.
The monopsonist will employ labor to the point at which the
A) marginal factor cost equals the marginal revenue product of labor. B) marginal revenue product equals the wage rate. C) marginal cost of output equals the marginal revenue. D) demand equals the supply of labor.