The labor force is defined as the number of
A) people who are working. B) union members who are working.
C) people who are working in labor-type jobs. D) employed plus the number of unemployed.
D
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If a firm faces perfectly competitive product and factor markets and the marginal product of labor and capital are 4 and 9, respectively, while the wage rate is $2 and the rental rate on capital is $4, the firm should
A) use relatively more capital. B) use relatively less capital. C) increase all inputs proportionately. D) decrease all inputs proportionately.
An indirect effect of an increase in the price level works through
A. changes in trade balances as domestic goods become more expensive, causing interest rates to move in the opposite direction from the change in the exchange rate. B. people substituting out of domestic goods and into foreign goods as exchange rates rise. C. interest rates as people borrow to maintain their money balances, bidding up interest rates and reducing total planned real expenditures. D. interest rates as people save more as the higher prices make their money balances less attractive.