Which of the following is true?
a. Tangible goods are subject to economic analysis but intangible goods are not
b. Intangible goods are just an alternative term for services.
c. Goods and services can be made costless by having the government give them away to citizens.
d. All goods and services, whether tangible or intangible, are made from scarce resources and are subject to economic analysis.
d
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In a country with a working-age population of 300 million, 230 million workers are employed and 40 million workers are unemployed. What is the labor force participation rate?
A) 100 percent B) 90 percent C) 65 percent D) 5 percent
In the specific factors model, which of the following will increase the quantity of labor used in cloth production?
A) an increase in the price of cloth relative to that of food B) an increase in the price of food relative to that of cloth C) a decrease in the price of labor D) an equal percentage decrease in the price of food and cloth E) an equal percentage increase in the price of food and cloth