In a small country, the adult population equals 10,000. There are 3,000 people unemployed and 4,000 people are employed. The labor force participation rate equals

In economics, the long run is considered to be

A. The time period when all costs are variable. B. More than two years. C. The time period when all costs are explicit. D. One year.

The value of a country's currency is likely to decline as a result of

A. higher inflation. B. higher interest rates. C. a trade surplus D. a favorable balance of payments