Suppose an economy has the following characteristics: 100 people in the noninstitutional population; 40 people employed; 50 people not in the labor force. How many people are in the economy's labor force?

Gross domestic product is calculated by summing up the

A) total quantity of goods produced in the economy during a particular year. B) total quantity of final goods and services produced in the economy during a particular year. C) total market value of final goods produced in the economy during a particular year. D) total market value of final goods and services produced in the economy during a particular year.

Suppose a monopolist and a perfectly competitive firm have the same cost curves. The monopolistic firm would:

a. charge the same price as the perfectly competitive firm. b. refuse to operate in the short run unless an economic profit could be made. c. charge a higher price than the perfectly competitive firm. d. charge a lower price than the perfectly competitive firm.