An unemployment rate of 10% means that the employment rate is 90%.

The opportunity cost of leisure is approximated by:

a. the price of leisure activities (such as theater tickets). b. an individual's hourly real wage rate. c. commuting expense. d. an individual's total income.

If there are both external benefits and external costs associated with the production and consumption of a good, and the external benefits are greater than the external costs,

a. More than the efficient amount is being produced b. Less than the efficient amount is being produced c. the efficient amount is being produced d. We do not know whether the efficient amount, or more or less, is being produced.