Suppose the Utopian economy has the following characteristics: 100,000 people in the noninstitutional population; 80,000 people employed; 20,000 people not in the labor force. How many people are in the economy's labor force?
A) 0
B) 20,000
C) 60,000
D) 80,000
E) 100,000
D
Economics
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A good or service or a resource is excludable if
A) it is possible to prevent someone from enjoying its benefits. B) it is not possible to prevent someone from enjoying its benefits. C) its use by one person decreases the quantity available for someone else. D) its use by one person does not decrease the quantity available for someone else.
Economics
Which of the following statements is NOT TRUE?
A) AC = AFC + AVC B) C = F + VC C) AVC = wage/MPL D) AFC = AC - AVC
Economics