In February 2012, the Bureau of Labor Statistics Calculated the Unemployment

question 112

Multiple Choice

In February 2012, the Bureau of Labor Statistics calculated the unemployment rate to be 8.3%. If frictional unemployment was 2% and structural unemployment was 3.2%, then cyclical unemployment was _____%.

• A) 2.5
• B) 3.1
• C) 12.5
• D) 5.5

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Definitions:

Cost of Goods Sold

The direct costs attributed to the production of the goods sold by a company, including direct labor and materials, but excluding indirect expenses.

Balance Sheet

A financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time.

Spreadsheet

A digital tool that allows for the arrangement of data in rows and columns to facilitate calculation, analysis, and storage of information.

Labor Intensive

Describes a process or industry that requires a large amount of human labor to produce its goods or services.