The Labour Force Is

question 6

Multiple Choice

The labour force is

• A) the sum of the employed and unemployed workers in an economy.
• B) the total number of people in an economy who are over the age of 16.
• C) the total number of employed people in an economy.
• D) the percentage of employed people divided by the population.

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Definitions:

Opportunity Cost

The foregone benefit that would have been derived by choosing an alternative option.

Differential Cost

A future cost that differs between any two alternatives.

Variable Cost Per Unit

The cost that varies with each unit produced, not including fixed costs.

Units Sold

The total number of units of a product that have been sold during a particular period.