Suppose that the adult population is 6 million, the number of employed is 3.8 million, and the labor-force participation rate is 70%. What is the unemployment rate?
a. 6.7%
b. 9.5%
c. 10.5%
d. 28%
b
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Self interest
A) reflects choices that are best for the individual who makes them. B) reflects choices that are best for society as a whole. C) occurs only when wants exceed available resources. D) cannot be used to determine how goods are produced. E) has nothing to do with determining what goods are produced.
During the last four decades, defense expenditures have
a. accounted for approximately one-half of federal expenditures. b. accounted for less than 10 percent of federal expenditures. c. been increasing as a share of federal expenditures. d. been declining as a share of federal expenditures.
In 2012, approximately what percent of the national debt was held by the Federal Reserve system?
a. 5 percent b. 10 percent c. 40 percent d. 55 percent
Which of the following is a positive economic statement?
a. Too much government spending is the biggest problem facing the U.S. economy. b. Creating jobs is the most serious problem facing the U.S. economy. c. Raising taxes provides additional revenue that should be used to finance health care. d. If taxes are over 50 percent of national income, job creation falls.