Look at the Following Data: the Frictional Unemployment Rate Is

question 73

Multiple Choice

Look at the following data: The frictional unemployment rate is 3 percent,the natural unemployment rate is 6.5 percent,and the cyclical unemployment rate is 2.4 percent.The structural unemployment rate is __________ percent and the actual unemployment rate (in this economy) is __________ percent.

• A) 3; 8.9
• B) 3.5; 8.9
• C) 3.5; 9.5
• D) 5.4; 2.4
• E) none of the above

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Definitions:

Standard Deviation

A statistical measure that quantifies the variation or dispersion of a set of data points.

Utility

The total satisfaction received from consuming a good or service.

Raven Progressive Matrices

A nonverbal group test typically used to measure abstract reasoning and general intelligence.

Mean Performance

Refers to the average outcome or score achieved by a group in a test or task, calculated by dividing the sum of all individual scores by the number of scores.