A Survey Showed That in Each of the Past 12

question 154

Multiple Choice

A survey showed that in each of the past 12 months there was one person who was unemployed who worked in all other months.There were also two people who were unemployed for all 12 months.What percentage of the unemployment spells during the year was short term,and what percentage of the unemployment in a given month was long term?

• A)75% was short term;33.3% was long term
• B)75% was short term;66.7% was long term
• C)85.7% was short term;33.3% was long term
• D)85.7% was short term;66.7% was long term

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Definitions:

Fixed Rate

An interest rate that remains constant over the duration of a loan or investment, as opposed to a variable or floating rate.

Money Supply

The entire pool of financial assets existing in an economy at a specific timeframe.

Gold Standard

A monetary system where a country's currency or paper money has a value directly linked to gold.

Convertible

A type of automobile with a flexible roof system that allows it to transform between an enclosed and an open-air form.