Suppose that the U.S. population is 275 million. Also assume that the labor force is 135 million and that 130 million people are employed. Calculate the unemployment rate
What will be an ideal response?
The unemployment rate is (5 million unemployed) ÷ (135 million labor force) × 100 = 3.7 percent.
You might also like to view...
Answer the following statements true (T) or false (F)
1. The study of economics is primarily theoretical and has very little practical application. 2. Economics is considered a physical science. 3. Economies must make choices because resources are limited while wants are unlimited. 4. Production is the creation or addition of utility.
A firm decides to hire more equipment if:
a. the average revenue it earns by selling its output is equal to its average cost. b. its total revenue is greater than the total cost of hiring the equipment. c. the marginal revenue product of the additional unit of equipment is greater than the marginal factor cost. d. its average revenue is greater than the average cost of hiring equipment. e. the price of its product is greater than the average cost of production.
What is fiat money? Why is fiat money important in the United States today?
The case study of segregated street cars in southern cities illustrates which of the following?
a. Streetcar owners opposed segregation laws primarily because they were concerned with civil rights. b. Segregation laws were supported by both local business owners and patrons. c. Firms usually care more about maximizing profits than discriminating against certain customers. d. Laws passed by the government cannot reduce discrimination.