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

question 120

Multiple Choice

If a country has a working-age population of 200 million, 120 million people with jobs, and 30 million people unemployed and seeking employment, then its unemployment rate is:

• A) 5%.
• B) 7.5%.
• C) 15%.
• D) 20%.

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Definitions:

Market System

An economic system based on supply and demand where prices are determined in a free price system.

Consumer Sovereignty

The theory that consumers' preferences determine the production and sale of goods and services in a market.

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Low-cost Production

Manufacturing or production processes optimized to minimize costs, often through economies of scale or efficient methods.