The circular-flow diagram illustrates that:
A) production generates income so that income and production are the same.
B) the economy's income is less than its production.
C) the economy's income is exceeds its production.
D) none of the above are necessarily correct.
A
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In recent years the labor force participation rate has been fairly stable
A) as has the labor force participation rate for males, females, minorities, and nonminorities. B) although the female labor force participation rate has fallen while the male labor force participation rate has increased. C) although the male labor force participation rate has fallen while the female labor force participation rate has increased. D) although the labor force participation rate of young adults has increased while the labor force participation rate of those in the 40-55 age classification has fallen.
Which of the following is the BEST example of a monopsonist?
A) a household hiring a gardener B) a turnip farmer hiring seasonal help C) Hershey's Chocolate Factory in Hershey, PA D) Vinaka Coffee Shop in Carlsbad, CA