If the Number of People Unemployed Is 100, the Number

question 276

Multiple Choice

If the number of people unemployed is 100, the number of people employed is 1,000, and the working-age population is 1,400, then the employment-to-population ratio is

• A) 78.6 percent.
• B) 75 percent.
• C) 71.4 percent.
• D) 66.6 percent.

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Definitions:

Non-Union Workers

Employees who are not members of a labor union and therefore may not benefit from collective bargaining agreements.

Economic Rent

The extra amount earned by a factor of production that exceeds the minimum amount necessary for it to be employed.

Labor Union

An organization formed by workers in the same trade or industry to collectively negotiate wages, benefits, working conditions, and rights.

Deadweight Loss

A cost to society created by market inefficiency, which occurs when supply and demand are out of equilibrium.