The Current Rate of Unemployment Is 9%.This Statement

question 222

Essay

The current rate of unemployment is 9%.This statement:
A.is positive.
B.is normative.
C.involves a value judgment.
D.is a personal reflection and has no value in economics.

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Definitions:

Law of Diminishing Returns

An economic principle stating that as investment in a particular area increases, the rate of profit from that investment, after a certain point, cannot continue to increase if other inputs remain at a constant.

Market Value

The current price at which an asset or service can be bought or sold in the open market.

Productivity

Productivity measures the efficiency of production in terms of the amount of goods and services produced per unit of labor, capital, or other inputs.

Total Output

The total amount of goods or services produced by a firm or country within a specific period.