If a Country Has a Working-Age Population of 200 Million

question 3

Multiple Choice

If a country has a working-age population of 200 million, 135 million people with jobs, and 15 million people unemployed and seeking employment, then its unemployment rate is:

• A) 4%.
• B) 7.5%.
• C) 10%.
• D) 67.5%.

Identify and analyze the characteristics of different utility functions, including quasilinear, homothetic, and perfect substitutes.

Evaluate consumer choices and trade-offs using marginal rate of substitution (MRS) and indifference curves.

Calculate the effects of changes in consumption on utility levels.

Distinguish between various forms of utility functions and their implications on consumer behavior.

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Definitions:

Logrolling

A political process where lawmakers exchange support for each other’s legislative bills or policies, often leading to the passage of legislation that might not otherwise succeed on its own merits.

Earmarks

Designated funds in a budget that are set aside for specific projects or purposes, often at the direction of lawmakers.

Public Goods

Goods that are non-excludable and non-rivalrous, meaning they can be used by many individuals simultaneously without diminishing the good's availability to any single user.

Quasi-Public Goods

Goods that are not fully non-excludable or non-rivalrous, falling between pure public goods and private goods, often provided by the government.