Suppose the Official Unemployment Rate Is 10 Percent

question 176

Multiple Choice

Suppose the official unemployment rate is 10 percent. We can conclude without question that

• A) the same 10 percent of the people in the economy were out of work for the entire year
• B) one of every ten people in the labor force is currently unemployed
• C) the same 10 percent of the people in the labor force were out of work for the entire year
• D) every person in the labor force was out of work for 10 percent of the year
• E) 10 percent of the people in the economy were each out of work for 10 percent of the year

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Definitions:

Contract of Affreightment

An agreement between a ship-owner and a charterer to transport goods in a specified quantity over a set period of time without designating a specific vessel.

Bill of Lading

A legal document between a shipper and carrier; it details the type, quantity, and destination of the goods being carried.

Negotiable Instrument

An instrument in writing that, when transferred in good faith and for value without notice of defects, passes a good title to the instrument to the transferee.

Contract of Carriage

An agreement between a carrier and a shipper for the transport of goods or passengers.