Assuming there are 190 million people employed in the United States and 10 million people unemployed, the unemployment rate would therefore equal
A. 10 percent.
B. 1.9 percent.
C. 5 percent.
D. an undetermined amount given the lack of information.
Answer: C
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The unemployment rate will decrease whenever there is a(n):
a. increase in the number of persons classified as unemployed. b. decrease in the number of unemployed relative to the size of the labor force. c. decrease in the size of the population and there is no change in the number of persons classified as employed. d. reduction in the size of the labor force. e. decrease in the number of unemployed and the population does not change.
Refer to the short-run data. Which of the following is correct?
A. This firm will maximize its profit at 440 units of output.
B. Any level of output between 100 and 440 units will yield an economic profit.
C. This firm's marginal revenue rises with output.
D. Any level of output less than 100 units or greater than 440 units is profitable.