If the Labor Force Includes 100 Million Workers and 5

question 251

Multiple Choice

If the labor force includes 100 million workers and 5 million people are unemployed but actively seeking work, then the unemployment rate is _____%.

• A) 1
• B) 5
• C) 10
• D) 95

---

Definitions:

Marginal Costs

Marginal costs are the change in total costs that arise when the quantity produced is incremented by one unit, essentially the cost of producing one more unit of a good.

Average Variable Costs

Costs that change with the level of output, averaged over the total number of units produced.

Average Total Costs

The total of all production costs divided by the number of units produced, representing the per-unit cost of production.

Economic Depreciation

The decrease in an asset's value over time due to use, wear, or obsolescence.