In a small country, there are 5,000 people in the labor force and 3,000 people are employed. The labor force participation rate equals
A) 40 percent.
B) 60 percent.
C) 62.5 percent.
D) an undetermined amount given the lack of information.
D
Economics
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Most goods and service that we enjoy are bought and sold in the market. However, leisure is something that we value but we do not buy it explicitly
What is the price of leisure? Explain what would happen to the amount of leisure that we would enjoy if the wage rate went up. Make sure to use the substitution and income effect to explain your answer and postulate whether leisure is a normal or inferior good. Why is the ultimate net effect not determinable by appealing to logic alone?
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