The labor force is made up of a all members of

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7. The labor force is made up of A) all members of society. B) all members of society who are at least 16 years of age. **C) all members of society who are at least 16 years old and are either employed or unemployed. D) employed workers, unemployed workers and retired workers. TABLE 1 Population: 260 million Employed: 130 million Unemployed: 10 million Retired: 35 million Under Age 16: 60 million 8. Given the data in Table 1, there are _____ people in the labor force 2
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9. Given the data in Table 1, the unemployment rate is TABLE 2 : Workers in the Widget Industry Year Earnings CPI 1966 $8,000 60 1976 $15,000 100 1986 $22,500 178 1996 $30,000 205 10. According to Table 2, real earnings in the Widget Industry in 1986 were (approximately) 11. According to Table 2, in which year were the real earnings of workers in the Widget Industry highest? A) 1966 **B) 1976 C) 1986 D) 1996 12. When the price of capital increases, the quantity of _________ demanded will _______, but the effect on __________ is ambiguous.
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  • Fall '06
  • Miller
  • Economics, hourly wage rate, Prof. Ananish Chaudhuri

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