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. 3.6 percent
b. 3.3 percent
c. 4.5 percent
d. 5.2 percent
c. 4.5 percent
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Harmonization of standards refers to
A) the elimination of tariffs and quotas by trading partners. B) common product safety, environment, labor, and fair competition standards agreed upon by trading partners. C) the acceptance or keeping of a trading partner's standards as valid and sufficient by another trading partner. D) separate standards held by different trading partners which other partners refuse to recognize. E) All of the above.
When a country suffers from a speculative attack:
A. the supply of currency available shifts right. B. it forces the government to spend its reserves to defend its fixed exchange rate. C. it lowers the equilibrium exchange rate. D. All of these statements are true.
If the supply of labor to a firm is perfectly elastic at the going wage rate established by the forces of supply and demand then
A) the firm is price taker. B) the firm can only hire additional units of labor by driving the wage rate up. C) the wage rate has been decreasing. D) full employment exists in the labor market.
Which of the following is NOT an advantage of a partnership?
A. Profits are subject to only personal taxation. B. permits more effective specialization in occupations C. limited liability D. easy to form