Labor Demand Data Marginal. Product Employment Product Price 0 0 $2 1 14 12 9 7 4 2 2 3 4 5 6 Multiple Choice 6 workers 2 2 2 3 workers 2 2 2 Labor Supply Data Employment Wage Rate 0 1 2 3 4 5 6 The table shows labor demand data on the left and labor supply data on the right. The firm will maximize profits (or minimize losses) by employing $ 11 11 11 11 11 11 11

If you an? out of school but working part time, are you considered employed or unemployed in U.S. labor statistics? If you are a full time student and working 12 hours a week at the college cafeteria are you considered employed or not in the labor force? If you are a senior citizen who is collecting social security and a pension and working as a greater at Wal-Mart are you considered employed or not in the labor force?

Demography can have important economic effects. The United States has an aging population. Explain one economic benefit and one economic cost of an aging population as well as of a population that is very young.

The Consumer Price Index is subject to the substitution bias and me quality/new goods bias. Are the Producer Price index and the GDP deflator also subject to these biases? Why or why not?

Education seems to be important for human capital deepening. As people become better educated and more knowledgeable, are there limits to how much additional benefit more education can provide? Why or why not?

What is the primary way which economists measure standards of living?

Why is the GDP deflator not an accurate measure of inflation as it impacts a household?

Name several forms of indexing in the private and public sector.

Are households primarily buyers or sellers in the goods and services market? In the labor market?

Are U.S. unemployment rates distributed evenly across the population?