If a country's population (age 16 and over) is 50 million, with 2 million unemployed and 23 million currently holding jobs, the
a. unemployment rate is 4 percent, and the labor force participation rate is 46 percent.
b. unemployment rate is 8.0 percent, and the labor force participation rate is 50 percent.
c. unemployment rate is 4 percent, and the labor force participation rate is 50 percent.
d. unemployment rate is 8.7 percent, and the labor force participation rate 50 percent.
B
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Given the information in the table above. If these two countries trade these two goods with each other in context of the Ricardian model of comparative advantage, what is the lower limit for the price of cloth?
What will be an ideal response?
An isoquant represents levels of capital and labor that
A) have constant marginal productivity. B) yield the same level of output. C) incur the same total cost. D) All of the above.