Our Economy Would Be Operating at Full Employment with Labor

question 189

Multiple Choice

Our economy would be operating at full employment with labor unemployment rate of ___ percent and a capacity utilization rate of _____ percent.

• A)5;95
• B)5;85
• C)10;95
• D)10;85

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Definitions:

Cost Conditions

The specific factors affecting the cost of production or service delivery, including material costs, labor expenses, and overheads.

Output

The total amount of goods or services produced by a company, industry, or economy.

Increasing Cost Industry

An industry in which production costs rise as output increases, often due to factors like limited resources or higher prices for inputs.

Constant Cost Industry

An industry in which the costs of production do not change as the industry's output changes, maintaining the same unit cost for production regardless of scale.