Assuming There Are 150 Million People Employed in the United

question 220

Multiple Choice

Assuming there are 150 million people employed in the United States and 5 million people unemployed, the unemployment rate would therefore approximately equal

• A) 2.22 percent.
• B) 3.23 percent.
• C) 4.4 percent.
• D) 10.1 percent.

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Definitions:

Bid-Rigging

A form of fraud in which a commercial contract is promised to one party even though for the sake of appearance several other parties also present a bid.

First-Price Auctions

An auction format in which the highest bidder wins and pays the amount of their bid.

Highest Bid

The largest amount of money offered in a competitive process, such as an auction, for the purchase of goods or services.

Second Highest Bid

In an auction, the bid amount that is the next highest after the winning or highest bid.