Refer to Table 2-20. What is Japan's opportunity cost of producing one pound of rice?

Acme is a perfectly competitive firm. It has the total cost schedule given in the above table. Acme's product sells for $8.00 per unit. What amount of output is the most profitable and what is Acme's economic profit or economic loss?

What will be an ideal response?

The Bureau of Labor Statistics defines the unemployment rate as the percentage of

a. those unemployed relative to those employed. b. the labor force that is unemployed. c. the adult population that is unemployed. d. the adult population that is unemployed or not in the labor force.