Suppose the population (age 16 and over) of Cameroon is 250 million; 10 million are unemployed, and 125 million hold jobs. The employment/population ratio in Cameroon is
a. 8 percent.
b. 50 percent.
c. 54 percent.
d. 92 percent.
B
Economics
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Since the marginal product of labor equals the change in the quantity of output divided by the change in the quantity of labor, it stands to reason that:
a. a firm would never operate in the range where marginal product is negative. b. a firm would never operate in the range where marginal product is decreasing. c. marginal product will continually increase as the firm produces more. d. there is no predictable relationship between marginal revenue and marginal cost.
Economics
The text asserts that the allocation of resources among firms is efficient. What assumptions must hold for this to be true?
What will be an ideal response?
Economics