The unemployment rate is defined as the:
A) percentage of civilian non-institutionalized population aged 14 or over that is unemployed.
B) percentage of labor force that is unemployed.
C) percentage of total population that is unemployed.
D) percentage of civilian non-institutionalized population aged 12 or over that is unemployed.
B
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Refer to Figure 14.3. Suppose the economy is initially at long-run equilibrium and the Fed increases the target inflation rate, and to hit this rate, it must reduce the real interest rate. The economy then reaches a new, short-run equilibrium point
Assuming expectations are adaptive, the next movement is best represented as a movement from A) point C to point B. B) point C to point A. C) point D to point C. D) point B to point C.
In a free market system, competition generates economic efficiency only when
A) individuals take into account the full opportunity cost of their actions. B) consumers are motivated by a sense of the greater good, not their own self-interest. C) firms are motivated by a sense of the greater good, not their desire for profit. D) economic decisions are taken out the hands of individuals and placed in the hands of government officials.