For you to be considered not in the labor force, you can be
A. a full-time volunteer.
B. a full-time retiree.
C. a full-time student.
D. any of the above.
Answer: D
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If the Fed ________ the money supply, the user cost of capital will ________ and V* will ________
A) increases; increase; increase B) increases; decrease; increase C) decreases; decrease; decrease D) decreases; decrease; increase
Suppose a price-taking firm uses a single input - labor - to produce an output x. The production technology has diminishing marginal product of labor throughout. a. On a graph with labor hours on the horizontal and output on the vertical axis, illustrate the production frontier for this firm. b. For a given wage rate w and output price p, illustrate three isoprofit curves corresponding to profit levels ?
What will be an ideal response?