Which of the Following Pieces of Information Do You Need

question 229

Multiple Choice

Which of the following pieces of information do you need to calculate the labor force participation rate?
I. the number of employed persons
II. the number of unemployed persons
III. the population
IV. the working age population

• A) I and II
• B) I and III
• C) I, II and III
• D) I, II and IV

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Definitions:

Production Isoquants

Curves that represent different combinations of inputs that produce the same level of output, illustrating the trade-offs in production processes.

Production Functions

Mathematical relations stipulating how output levels are achieved with different combinations of input factors such as labor and capital.

Input

Refers to the resources used in the production of goods and services, such as labor, raw materials, and capital.

Returns To Scale

The change in output as all inputs are increased proportionally in the production process.