The standard of living in a nation depends on
A) how well its economy functions relative to other countries.
B) the size of the country, with larger nations always doing better than smaller ones.
C) how well the economy functions within that country.
D) whether or not its currency is adopted as the world's monetary standard.
Answer: C
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The Bureau of Labor Statistics reported the data in the table above for October 2003
a) Calculate the number of people unemployed. b) Calculate the number of people who are not in the labor force c) Calculate the unemployment rate. d) Calculate the labor force participation rate.
The short-run supply curve for a competitive firm is the:
A. Entire MC curve B. Segment of the MC curve lying below the AVC curve C. Segment of the MC curve lying above the AVC curve D. Segment of the AVC curve lying to the right of the MC curve