Consider an economy made up of 100 people, 60 of whom hold jobs, 10 of whom are looking for work, and 15 of whom are retired. The number of unemployed persons is _____

A U.S. citizen buys some toys made in China for his son. This is an example of a(n) ________

A) transfer payment to the U.S. B) import by China C) transfer payment to China D) export by China

Suppose that an economy is currently producing at a point that lies inside of its production possibilities set. Which of the following would best explain this circumstance?

A) The prevailing level of technology prevents the economy from producing at a point closer to the frontier of the production possibilities set. B) The economy does not have enough resources to produce at a point closer to the frontier of the production possibilities set. C) The economy is experiencing a high level of unemployment. D) Any of the above statements could explain this situation. E) None of the above statements could explain this situation.