Which of the following people is counted in the labor force?
a. Len Waxman, who lost his job and last looked for work three months ago
b. Bob Bandeen, who holds an MBA in management but can only find part-time employment at a fast-food restaurant
c. Phil Esposito, who would like to work as a stockbroker but is now a househusband
d. Michael Curtis, who has schemes of getting rich but has never worked in his life, nor plans to
e. Bedonna Zack, age 90, who is enjoying her retirement in Montana
B
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Which of the following situations is represented by a nearly horizontal supply curve for a good?
a. Small price changes lead to small changes in quantity demanded of the good. b. Small price changes lead to small changes in quantity supplied of the good. c. Producers of the good are not operating efficiently. d. Producers of the good are not maximizing profit. e. Small changes in the price of the good lead to large changes in the quantity supplied of the good.
Positive marginal utility implies increasing total utility
Indicate whether the statement is true or false