The labor force participation rate is the ratio of
A) (the labor force divided by the working-age population) multiplied by 100.
B) (the number of unemployed divided by the working-age population) multiplied by 100.
C) (the labor force divided by the total population) multiplied by 100.
D) (the number of unemployed divided by the labor force) multiplied by 100.
A
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Last year, Jim bought 8 tickets to sporting events when his income was $30,000 . This year, his income is $33,000 . and he purchased 10 tickets to sporting events. Holding other factors constant and using the midpoint method, it follows that Jim's income elasticity of demand is about
a. 0.43, and Jim regards tickets to sporting events as inferior goods. b. 0.43, and Jim regards tickets to sporting events as normal goods. c. 2.33, and Jim regards tickets to sporting events as inferior goods. d. 2.33, and Jim regards tickets to sporting events as normal goods.
In a competitive economy, the questions of what, how, and for whom to produce tend to be regulated by
A. the government. B. businessmen. C. the price system. D. workers.