The Unemployment Rate Equals
A) $\frac { \text { labour force } } { \text { number unemployed } }$

question 11

Multiple Choice

The unemployment rate equals

• A) \(\frac { \text { labour force } } { \text { number unemployed } }\).
• B) \(\frac { \text { number unemployed } } { \text { number employed - number unemployed } }\).
• C) \(\frac { \text { number unemployed } } { \text { labour force } }\).
• D) \(\frac { \text { labour force } } { \text { total working age population } }\).
• E) \(\frac { \text { number unemployed } } { \text { total working age population } }\).

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Definitions:

External Cost

Costs that a producer or consumer inflicts on a third party who is not involved in the production or consumption of the goods or services.

Economic Efficiency

A situation in which all resources in an economy are optimally distributed to serve each individual or entity in the best way while minimizing waste and inefficiency.

Competitive Market

A competitive market is a market structure characterized by a large number of buyers and sellers, where no single entity has the power to influence market prices significantly.

Free-rider Problem

A situation where individuals benefit from resources, goods, or services that they do not pay for, which can lead to underproduction or depletion of those resources.