Assuming the total population is 200 million, the labor force is 100 million, and 92 million workers are employed, the unemployment rate is:

a. 6 percent
b. 8 percent
c. 4 percent
d. 10 percent


b. 8 percent

Economics

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The market supply is the ________ of the individual supplies of all the potential sellers

A) sum B) product C) square of the sum D) square root of the sum

Economics

The profit-maximizing firm should lay off workers when: a. MRC < MRP

b. MRC > MRP. c. MRC = MRP. d. the MP of labor begins to diminish.

Economics

Define the following terms and explain why they are important in the study of economics

a. efficient allocation b. laissez faire c. peak pricing d. input-output analysis e. coordination tasks

Economics

Milton Friedman argued that the economy is not in long-run equilibrium if the expected inflation rate __________ the actual inflation rate

A) is less than B) is greater than C) equals D) a and b

Economics