Data for an economy show that the unemployment rate is 6 percent, the participation rate is 60 percent, and 200 million people 16 years or older are not in the labor force. How many people are in the working-age population in this economy?
A. 333 million
B. 800 million
C. 500 million
D. 1.20 billion
Answer: C
You might also like to view...
The United States produced approximately ________ worth of goods and services in 2011
A) $15 trillion B) $15 billion C) $150 trillion D) $150 billion E) $1,500 trillion
When the marginal product curve is above the average product curve, ________ as output increases
A) average product must decrease B) average product must increase C) marginal product must decrease D) marginal product must increase
The opportunity cost to you of an action is
a. how much you must pay for the opportunity to take the action. b. the value to you of the next best action you could have taken. c. the cost to society of giving you the opportunity to take the action. d. the dollar cost to you of the action.
In a closed economy, GDP is $1000, government purchases are $200, and consumption is $700 . If the government has a budget surplus of $25, what are investment, taxes, private saving, and national saving?