Table 5-8 Shows Employment Data for an Economy

question 125

Multiple Choice

Table 5-8 shows employment data for an economy. Use the table to answer questions .
Table 5-8

-Refer to Table 5.8. Now suppose 4,000 of the people looking for work get discouraged and give up their job searches. The unemployment rate becomes _____.

• A) 6.35%
• B) 5.97%
• C) 5.91%
• D) 2.92%

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Definitions:

Marginal Revenue

The additional income gained from selling one more unit of a good or service; it’s a critical concept for determining the optimal level of output for a firm.

Profit-maximizing Firm

A business entity whose primary goal is to generate the highest possible profit from its operations and investments.

Peak Efficiency

The state of operating at the maximum possible efficiency, where resources are used most effectively and wastage is minimized.

Profits

The financial gain realized when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity.