The Population (Age 16 and Over)of Econoland Is 100 Million;5

question 219

Multiple Choice

The population (age 16 and over) of Econoland is 100 million;5 million are unemployed,and 70 million hold jobs.The employment/population ratio of Econoland is

• A)5 percent.
• B)65 percent.
• C)70 percent.
• D)85 percent.

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Definitions:

Explicit Costs

Direct, out-of-pocket payments for goods or services necessary for conducting business.

Items

Individual objects or units, especially those included in a list or collection.

Economic Profits

The difference between total revenue and the total costs (both explicit and implicit costs) of a company, indicating the surplus generated from business activities.

Savings Account

An account for holding deposits at a bank or another financial entity, ensuring the safety of the principal amount while offering a slight interest rate.