Answer the following statements true (T) or false (F)
1. All people in the non institutional population are counted as members of the labor force.
2. The labor force participation rate describes the civilian labor force as a percentage of the civilian noninstitutional population.
3. The total U.S. labor force excludes members of the armed services stationed outside the United States.
4. All college students are excluded from the U.S. labor force.
5. The increase in U.S. population during the past few years has required an increase in the number of agriculture workers to meet food requirements.
1. FALSE
2. TRUE
3. TRUE
4. FALSE
5. FALSE
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By changing the reserve requirement the Fed can change the level of bank reserves and the lending capacity of the banking system.
a. true b. false
If an increase in the price of one input causes an increase in demand for labor, the two inputs are
A) complementary. B) substitutes. C) interchangeable. D) flexible.