In June 2009 the Bureau of Labor Statistics reported an adult population of 234.9 million, a labor force of 154 million and employment of 141.6 million. Based on these numbers the unemployment rate was

An economy is judged efficient if

a. it is good at producing what people want. b. it produces things that people may not want but in the least wasteful way. c. produces whatever people want in a way that may not be the least wasteful. d. it is a free-market economy and not a command market.

A firm that is hiring labor in a purely competitive labor market and selling its product in a purely competitive product market will maximize its profit by hiring labor until:

A. marginal revenue product is zero. B. marginal revenue product exceeds marginal resource (labor) cost by the greatest amount. C. marginal resource cost is zero. D. marginal revenue product equals marginal resource (labor) cost.