Suppose the Working-Age Population Is 220 Million, the Labor Force

question 318

Multiple Choice

Suppose the working-age population is 220 million, the labor force is 150 million, and the unemployment rate is 10 percent. The number of unemployed people is

• A) 15 million.
• B) 22 million.
• C) 37 million.
• D) 7 million.

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Definitions:

Taxable Income

The portion of income used to calculate how much tax an individual or a company owes to the government in a given tax year.

AMTI

Alternative Minimum Taxable Income; an income calculation used to ensure that high-income earners pay a minimum amount of tax.

Exemption Amount

The portion of an individual's income that is not subject to tax, as determined by tax laws.

AGI

Adjusted Gross Income, which is gross income minus adjustments, serving as the basis for calculating taxable income on an individual's federal tax return.