If a hurricane were to wipe out the majority of the eastern seaboard in the United States, it would likely cause a:
A. short-run supply shock.
B. long-run supply shock.
C. long-run demand shock.
D. short-run demand shock.
Answer: B
Economics
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In a small country, the adult population equals 5,000. There are 4,000 people in the labor force and 3,000 people are employed. The labor force participation rate equals
A) 25 percent. B) 80 percent. C) 30 percent. D) an undetermined amount given the lack of information.
Economics
A firm that is maximizing its profits will keep renting machines up to the point where:
a. the marginal productivity of a capital is maximized. b. the marginal value product of machines is maximized. c. the marginal value product of machines is equal to the market rental rate for machines. d. the machine's market rental rate is minimized.
Economics