Use the Following to Answer Questions: Table: Employment, Unemployment, and Labor

question 124

Multiple Choice

Use the following to answer questions: Table: Employment, Unemployment, and Labor Force Participation $$\begin{array} { l r r } \hline \text { Year } & \mathbf { 2 0 0 9 } & \mathbf { 2 0 1 0 } \\\hline \text { Population } & 380 \text { million } & 400 \text { million } \\\text { Adults in labor force } & 255 \text { million } & 260 \text { million } \\\text { Adults not in labor force } & 78 \text { million } & 80 \text { million } \\\text { Employed workers } & 245 \text { million } & 247 \text { million } \\\hline\end{array}$$
-(Table: Employment, Unemployment, and Labor Force Participation) Refer to the table. What is the employment rate of the country in 2009?

• A) 95%
• B) 96%
• C) 97%
• D) 98%

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Definitions:

Normal Good

A good for which demand increases as the income of consumers increases and vice versa, all else being constant.

WARP

WARP, or the Weak Axiom of Revealed Preference, is an economic principle stating that if a consumer chooses one bundle of goods over another when both are available, then they will not choose the second bundle when the first one remains available.

Perfect Complements

Goods that are always consumed together in fixed proportions because their consumption provides utility only when combined, such as left and right shoes.

Income Effect

The change in an individual's consumption choices that results from a change in their real income or purchasing power.