The labor force participation rate is
a. the civilian labor force as a percentage of the civilian non institutional population.
b. the non institutional population as a percentage of the total labor force.
c. the civilian labor force as a percentage of the total labor force.
d. employed workers as a percentage of the civilian non institutional population.
a. the civilian labor force as a percentage of the civilian non institutional population.
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Refer to Figure 17-2. At which point is the unemployment rate equal to the natural rate of unemployment?
A) A B) B C) C D) There is insufficient information on the graph to answer this question.
A justification for patents is that without patents consumer surplus would be
A) larger than with the patent. B) zero since the product would not be invented. C) only slightly smaller than with the patent. D) zero since the monopoly would be a revenue maximizer.