The ________ is calculated as the number of people ________ divided by the labor force multiplied by 100
A) unemployment rate; unemployed
B) employment-to-population ratio; unemployed
C) employment rate; employed
D) employment-to-population ratio; in the working age population
A
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Suppose that you are given a cost function c(w,r,x)=2w1/2r1/2x3/2 where w is the wage rate for labor, r is the rental rate of capital and x is the output level. a. Does the production process that gives rise to this cost function have increasing, decreasing or constant returns to scale? b. Derive the marginal cost function. c. Calculate the supply function for the firm - i.e. the function that tells us for every combination of input and output prices, how much the firm will optimally produce. How does output by the firm change as input and output prices change? d. If the cost function had been c(w,r,x)=2w1/2r1/2x1/2 instead, how would your answer to (c) change? How can that make any sense?
What will be an ideal response?
A decrease in foreign real income would shift the:
A) aggregate demand curve rightward. B) aggregate demand curve leftward. C) aggregate supply curve rightward. D) aggregate supply curve leftward.
A firm in perfectly competitive industry is maximizing profit at Q = 3,000 . Then its fixed cost increases. The profit-maximizing output is now
a. greater than 3,000 and profit decreases b. less than 3,000 and profit decreases c. greater than 3,000 and profit is unchanged d. equal to 3,000 and profit decreases e. equal to 3,000 and profit increases
The capabilities approach considers:
A. how much total output changes over time in a society. B. what people can be and how much people can do over time in a society. C. how much human capital improves over time in a society. D. how much human capital one society has relative to another.