If the number of unemployed workers is 19 million, the number in the working-age population is 500 million, and the unemployment rate is 4%, what is the labor force participation rate?

Suppose that under its collective bargaining agreement the XYZ Corp can hire nonunion workers, but these workers must join the union within 60 days. This agreement is an example of

A) an open shop. B) a closed shop. C) a company union. D) a union shop.

Smith and Jones comprise a two-person economy. Their hourly rates of production are shown in the accompanying table. Calculators Per HourComputers Per HourSmith10010Jones1206 Suppose Smith and Jones begin by producing 100 calculators per hour; as Smith and Jones choose to efficiently produce fewer computers and more calculators, ________ should devote more time to calculators because his ________.

A. Jones; absolute advantage is smaller B. Smith; opportunity costs are lower C. Smith; absolute advantage is larger D. Jones; opportunity costs are lower