Who Among the Following Is Included in the Labor Force

question 77

Multiple Choice

Who among the following is included in the labor force?

• A)A hardworking homemaker who does not want to be employed outside the home.
• B)A man doing 10 years in prison for armed robbery.
• C)The president of Microsoft.
• D)A retired commander of the armed forces.

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Definitions:

Pin Factory

An example used by Adam Smith to describe the benefits of specialization and division of labor in manufacturing, increasing productivity and efficiency.

Constant Returns to Scale

A situation in production where increasing the amount of inputs results in a proportional increase in the output.

Long-run Total Costs

The aggregate expenses a firm incurs in the production of goods or services when all factors of production are variable.

Average-total-cost Curve

A graphical representation showing the average total cost of producing different quantities of a good or service, illustrating how costs vary with changes in output.