Assume the Unemployment Rates Among Different Groups in the Labor

question 13

Multiple Choice

Assume the unemployment rates among different groups in the labor force are as follows: teenagers 21%, males 8.5%, adult females 8.6%.Teenagers account for 8% of the total labor force, while men account for 56% of the total labor force.What is the actual unemployment rate nationwide?

• A)7)8%
• B)8)2%
• C)8)6%
• D)9)0%
• E)9)4%

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Definitions:

Budget Constraint

The limit on the consumption patterns of individuals or entities, based on their income and the prices of goods and services.

Marginal Utility

The additional satisfaction or utility received by consuming an additional unit of a good or service.

Marginal Utility

The additional satisfaction or utility that a person receives from consuming one additional unit of a good or service.

Budget Line

A graphical representation of all possible combinations of two goods or services that can be purchased with a given budget.