Suppose that some country had an adult population of about 25 million, a labor-force participation rate of 60 percent, and an unemployment rate of 6 percent. How many people were employed?
a. 0.9 million
b. 14.1 million
c. 15 million
d. 23.5 million
b
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Assuming a competitive labor market, the marginal revenue product of labor: a. is the ratio of the output price and the extra output produced by an additional unit of labor. b. is always equal to one
c. is used to calculate the cost of labor to a firm. d. is equal to the value of the marginal physical product of labor.
Which of the following is most likely to increase U.S. exports?
a. The government gives subsidies to U.S. firms that export goods or services. b. The government reduces the size of the budget surplus. c. The United States unilaterally reduces its restrictions on foreign imports. d. Taxes on domestic saving rise.
Exhibit 14A-1 Aggregate demand and supply model
Based on Exhibit 14A-1, when the aggregate demand curve shifts to the position AD2 and the economy is operating at point E2, the economy's position of long-run equilibrium corresponds to point:
A. E1. B. E2. C. E3. D. E1 or E3.
In Figure 15.2, at an interest rate of 9 percent, there is
A. An excess supply of money of $100 billion. B. An excess supply of money of $200 billion. C. Equilibrium in the money market. D. An excess demand for money of $100 billion.