Suppose the Official Unemployment Rate Is 10 Percent

question 176

Multiple Choice

Suppose the official unemployment rate is 10 percent. We can conclude without question that

• A) the same 10 percent of the people in the economy were out of work for the entire year
• B) one of every ten people in the labor force is currently unemployed
• C) the same 10 percent of the people in the labor force were out of work for the entire year
• D) every person in the labor force was out of work for 10 percent of the year
• E) 10 percent of the people in the economy were each out of work for 10 percent of the year

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Definitions:

Mean

The arithmetic average of a set of numbers, found by dividing the sum of these numbers by the count of the numbers in the set.

Function

A relationship between a set of inputs and a set of permissible outputs, where each input is related to exactly one output.

Probability

The measure of the likelihood that an event will occur.

Function

A mathematical relation between a set of inputs and a set of permissible outputs with the property that each input is related to exactly one output.