Which of the following pieces of information do you need to calculate the labor force participation rate?
I. the number of employed persons
II. the number of unemployed persons
III. the population
IV. the working age population
A) I and II
B) I and III
C) I, II and III
D) I, II and IV
D
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The figure above illustrates a linear demand curve. By comparing the price elasticity in the $2 to $4 price range with the elasticity in the $8 to $10 range, you can conclude that the elasticity is
A) greater in the $8 to $10 range. B) greater in the $2 to $4 range. C) the same in both price ranges. D) greater in the $8 to $10 range when the price rises but greater in the $2 to $4 range when the price falls.
If the price level for the last three months has been 112, 125, and 126, we would say
A) inflation has been constant over the three months. B) inflation was more rapid between the first and second month than between the second and third month. C) inflation was less rapid between the first and second month than between the second and third month. D) inflation has steadily increased over the three months.