Use the Data Below to Answer the Following Question

question 13

Multiple Choice

Use the data below to answer the following question.
Table 8-1

-Refer to Table 8-1.The figures above (in millions) are for the United States in 2003.The U.S.rates of labor force participation and unemployment equaled what percentages?

• A)the labor force participation rate = 62.3 percent;unemployment rate = 6 percent
• B)the labor force participation rate = 62.3 percent;unemployment rate = 6.4 percent
• C)the labor force participation rate = 66.2 percent;unemployment rate = 6 percent
• D)the labor force participation rate = 66.2 percent;unemployment rate = 6.4 percent

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Definitions:

Invisible Hand

A metaphor introduced by Adam Smith to describe the self-regulating behavior of the marketplace, where individual self-interests unintentionally benefit society.

Adam Smith

An 18th-century Scottish economist and philosopher, best known for his theories on capitalism and the invisible hand of the market.

Free Market

A system of voluntary exchange in which every agent is free to produce, buy, and sell “as the market will bear,” without interference or standards set by any outside authority.

Economic Arrangements

The structured and systemic ways in which economic activities and resources are organized, distributed, and managed within a society or between entities.