In a Country with a Working-Age Population of 200 Million,140

question 276

Multiple Choice

In a country with a working-age population of 200 million,140 million people are employed and 20 million are unemployed.The size of the labor force is

• A)200 million.
• B)160 million.
• C)140 million.
• D)20 million.
• E)120 million.

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Definitions:

Marginal Product Curve

The marginal product curve depicts the change in output resulting from employing one more unit of a specific input, holding all other inputs constant, and typically features phases of increasing, constant, and diminishing marginal returns.

Fixed Input

A resource or input in the production process that remains unchanged regardless of the level of output or production.

Capital

Resources, such as funds or other assets, that are available for use in the production of goods or services and investment.

Total Product

The total quantity of output produced by a firm using various inputs during a given period.