The labor force participation rate was little changed at 61.7 percent in April and is 1.6 percentage points lower than in February 2020. The employment-population ratio was also little changed in April at 57.9 percent but is up by 0.5 percentage point since December 2020. However, this measure is 3.2 percentage points below its February 2020 level. (See table A-1.) The number of persons employed part time for economic reasons decreased by 583,000 to 5.2 million in April. This decline reflected a drop in the number of people whose hours were cut due to slack work or business conditions. The number of persons employed part time for economic reasons is 845,000 higher than in February 2020. These individuals, who would have preferred full-time employment, were working part time because their hours had been reduced or they were unable to find full-time jobs. (See table A-8.) In April, the number of persons not in the labor force who currently want a job was 6.6 million, little changed over the month but up by 1.6 million since February 2020. These individuals were not counted as unemployed because they were not actively looking for work during the last 4 weeks or were unavailable to take a job. (See table A-1.)The labor force participation rate was little changed at 61.7 percent in April and is 1.6 percentage points lower than in February 2020. The employment-population ratio was also little changed in April at 57.9 percent but is up by 0.5 percentage point since December 2020. However, this measure is 3.2 percentage points below its February 2020 level. (See table A-1.) The number of persons employed part time for economic reasons decreased by 583,000 to 5.2 million in April. This decline reflected a drop in the number of people whose hours were cut due to slack work or business conditions. The number of persons employed part time for economic reasons is 845,000 higher than in February 2020. These individuals, who would have preferred full-time employment, were working part time because their hours had been reduced or they were unable to find full-time jobs. (See table A-8.) In April, the number of persons not in the labor force who currently want a job was 6.6 million, little changed over the month but up by 1.6 million since February 2020. These individuals were not counted as unemployed because they were not actively looking for work during the last 4 weeks or were unavailable to take a job. (See table A-1.)The labor force participation rate was little changed at 61.7 percent in April and is 1.6 percentage points lower than in February 2020. The employment-population ratio was also little changed in April at 57.9 percent but is up by 0.5 percentage point since December 2020. However, this measure is 3.2 percentage points below its February 2020 level. (See table A-1.) The number of persons employed part time for economic reasons decreased by 583,000 to 5.2 million in April. This decline reflected a drop in the number of people whose hours were cut due to slack work or business conditions. The number of persons employed part time for economic reasons is 845,000 higher than in February 2020. These individuals, who would have preferred full-time employment, were working part time because their hours had been reduced or they were unable to find full-time jobs. (See table A-8.) In April, the number of persons not in the labor force who currently want a job was 6.6 million, little changed over the month but up by 1.6 million since February 2020. These individuals were not counted as unemployed because they were not actively looking for work during the last 4 weeks or were unavailable to take a job. (See table A-1.)

1) Economics can be defined as the social science that explains the ________.

2) Scarcity is a situation in which ________.

3) Microeconomics is the study of ________.

4)Factors of production include all of the following EXCEPT ________.

5) The income earned by the people who sell the services of the factor of production ________ is called ________.

6) When the government chooses to spend the tax dollars that it collects on homeland security, its choice ________.

7) primarily affects who gets the goods and services produced 145) 146) Making a choice at the margin means ________.

8) Suppose that for the past two months, you have studied economics one hour a day. You now decide to study economics two hours a day. For the past two months, ________.

9)If the cost of a computer falls by a large amount, you have an incentive to ________.

10) The statement that ________ is a positive statement.

11) The task of economic science is to ________.

12) Economists make progress by ________.

13) The term ceteris paribus means ________.

14) Which statement is an example of the post hoc fallacy?

15) Economists generally agree that ________.