Suppose U = the Number of Adults Who Are Unemployed;

question 123

Multiple Choice

Suppose U = the number of adults who are unemployed; E = the number of adults who are employed; and NLF = the number of adults not in the labor force.Which expression would equal the labor force participation rate?

• A)U/(U + E)
• B)E/(U + E)
• C)U/(U + E + NLF)
• D)E/(U + E + NLF)
• E)(U + E)/(U + E + NLF)

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Definitions:

Marginal Revenue

It refers to the additional income earned from selling one more unit of a good or service.

Demand Schedule

A table that lists the quantity of a good or service that consumers are willing to buy at various prices.

Total Revenue Schedule

A table or graph that shows the total revenue a firm can expect to receive at various levels of output, assuming a constant price.

Demand Linear

A relationship in economics where the amount of a good or service demanded changes linearly with its price.