A nation has a population of 300 million people. Of these, 80 million are retired, in the military, in institutions, or under 16 years old. There are 210 million who are employed and 10 million who are unemployed. What is the unemployment rate?
A. 5.2 percent
B. 3.3 percent
C. 4.5 percent
D. 3.6 percent
Answer: C
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All of the following are characteristics of long-run equilibrium for firms in a monopolistically competitive market except:
A) price equals marginal cost. B) price equals average total cost. C) marginal cost equals marginal revenue. D) price exceeds the minimum of average total cost.
The study of microeconomics and macroeconomics differ in that:
a. microeconomics is concerned with the domestic economy and macroeconomics is concerned only with the international economy. b. microeconomics examines the individual markets of the economy while macroeconomics studies the whole economy. c. microeconomics studies the actions of households and macroeconomics studies the actions of business firms. d. microeconomics examines the whole economy while macroeconomics studies the individual units of the economy.
Wayne Inc supplies a wide range of electronic products. However, the quality of the company's products is low compared to other companies. The CEO of the company decides to improve quality by reducing the variety of products. The decision of the CEO is based on the concept of _____
a. privatization b. globalization c. economies of scale d. specialization
The World Bank defines severe poverty as
A. An income level that does not allow an individual to buy basic necessities. B. An extreme lack of food. C. An income level of less than $1.25 per person per day. D. An income level of less than $3.10 per person per day.