Which of the Following Questions Does the Official Unemployment Rate

question 57

Multiple Choice

Which of the following questions does the official unemployment rate answer?

• A) How many people in the economy are underemployed?
• B) What percentage of the labor force is classified as unemployed?
• C) What is the overall health of the economy?
• D) How many workers are discouraged?
• E) Are people unemployed for short or long periods of time?

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Definitions:

Elastic

Describes a situation where the demand or supply for a product or service significantly changes in response to price changes.

Marginal Revenue

The supplementary earnings obtained by selling an extra unit of a product or service.

Prices

The charge for acquiring a specific good or service.

Marginal Revenue

The revenue boost a firm experiences from the sale of an additional unit of a product or service.