The unemployment rate measures the percentage of:
a. people in the civilian labor force who are without jobs and actively seeking jobs.
b. the U.S. population that is out of work and actively seeking a job.
c. the civilian noninstitutionalized population that is out of work and actively seeking a job.
d. people over age 21 who are without jobs and actively seeking jobs.
a
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Suppose the production possibilities for two countries, producing either food or clothing, are shown in the above figure. The United States has a comparative advantage in producing
A) food. B) clothing. C) food and clothing. D) neither good.
The balance of payments is
a. the equilibrium result when two countries achieve purchasing power parity. b. an account that records changes in exchange rates between two countries. c. an account that records all economic transactions between a country and all other countries, usually within a year. d. all of the above. e. none of the above.