The Reported Unemployment Is 5

question 17

Multiple Choice

The reported unemployment is 5.5% of the population. What measurement scale is used to measure unemployment?

• A)Nominal
• B)Ordinal
• C)Interval
• D)Ratio

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Definitions:

Budget Constraint

A budget constraint represents the combination of goods and services that a consumer can purchase given their income and the prices of those goods and services.

Marginal Utility

The incremental enjoyment or value obtained from consuming an extra unit of a good or service.

Income-Consumption Curve

A graph that shows how a consumer's optimal bundle of goods changes as their income changes, all else being constant.

Marginal Utility

The change in satisfaction or utility gained from consuming an additional unit of a good or service.