The Number of Worker-Hours Available in an Economy Is Determined

question 17

Multiple Choice

The number of worker-hours available in an economy is determined by the following, except

• A) size of the labor force.
• B) length of the average workweek.
• C) unemployment rate of the workforce.
• D) labor force participation rate.

---

Definitions:

Average Variable Cost

The total variable costs of production divided by the quantity of output, showing the average cost of producing each unit excluding fixed costs.

Average Total Cost

The total cost of producing a certain quantity of a good divided by that quantity, representing the cost per unit of output.

Total Fixed Costs

The total of all expenses that do not change with the amount of production or output.

Total Variable Costs

The sum of all costs that change with the level of output, such as materials and labor directly involved in production.