Use the Following to Answer Questions

question 245

Multiple Choice

Use the following to answer questions :
Table: Unemployment and Employment Data
-(Table: Unemployment and Employment Data) Look at the table Unemployment and Employment Data. If marginally attached workers are included, the labor force in this economy is:

• A)170 million.
• B)103 million.
• C)100 million.
• D)98 million.

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Definitions:

Economic Profit

The surplus or profit generated by a company after accounting for both explicit and implicit costs, indicating financial performance.

Maximum Earning

The highest possible income or profit that an entity or individual can achieve under given conditions.

Contestable Market

A market in which the costs of entry and exit are low, so a firm risks little by entering. Efficient production and zero economic profits should prevail in a contestable market.

Economic Profits

Profits earned by a firm after accounting for both its explicit and implicit costs, including opportunity costs.