The unemployment rate is defined as:
a. unemployed workers plus discouraged workers, divided by the total population over the age of sixteen.
b. part-time workers plus full-time workers, divided by the total population over the age of sixteen
c. the percentage of the labor force that is unemployed.
d. the percentage of the population over the age of sixteen that is unemployed.
c
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Firms have a competitive advantage when
a. They can deliver the same product benefits as their competitors but at a lower cost b. They can deliver superior product at a similar cost c. Both of the above d. None of the above
For an imperfectly competitive firm:
A. total revenue is a straight, upsloping line because a firm's sales are independent of product price. B. the marginal revenue curve lies above the demand curve because any reduction in price applies to all units sold. C. the marginal revenue curve lies below the demand curve because any reduction in price applies to all units sold. D. the marginal revenue curve lies below the demand curve because any reduction in price applies only to the extra unit sold.