The current U.S. population is about 300 million yet the current U.S. labor force is only about 150 million. What subtractions are made from the population number to set it equal to the labor force?
What will be an ideal response?
The population is first reduced by eliminating those who are less than 16 years of age or institutionalized. Then those who are neither working nor looking for work are eliminated. This leaves just those who are employed or unemployed. These two groups together comprise the labor force.
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Which of the following supply shocks will shift the long-run aggregate supply curve outward?
a. An increase in business taxes b. An increase in gasoline taxes c. An increase in the cost of raw materials d. An increase in the amount and cost of government regulation e. An increase in agricultural output
One likely result of a price ceiling is that:
a. a surplus of product would result. b. the price charged in the market would be above the equilibrium price. c. the price charged in the market would be the equilibrium price. d. the available product must be rationed. e. the market supply curve will shift to the right.