If the Number Employed Is 12 Million, the Working-Age Population

question 109

Multiple Choice

If the number employed is 12 million, the working-age population is 16 million, and the number unemployed is 0.7 million, then the unemployment rate is:

• A)5.51%.
• B)5.17%.
• C)3.75%.
• D)12%.

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Definitions:

Economic Profit

The difference between a firm's total revenues and its total costs, including both explicit and implicit costs, indicating overall profitability beyond breakeven.

Monopolistically Competitive

Describes a market structure where many firms sell products that are similar but not identical, allowing for significant competition but also some degree of market power for individual firms.

Advertising Campaign

A series of advertisement messages that share a single idea and theme aiming to market a particular product or service.

Demand Curve

A visual chart illustrating how the quantity of a product that consumers want to buy varies with its price, usually showing a decline from left to right.