If There Are 100 Million People in the Total Population

question 105

Multiple Choice

If there are 100 million people in the total population, a labor force of 50 million, and 47 million employed workers, the unemployment rate is _____%.

• A) 3
• B) 6
• C) 8
• D) 10

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Definitions:

Consumer's Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount they actually do pay.

Net Increase

The overall rise in a particular number after all deductions or decreases have been considered.

Units of X

A term commonly used in economics and other disciplines to denote a quantity or amount of a particular good or service referred to as "X."

Utility Function

A mathematical representation of how a consumer ranks different bundles of goods such that the higher the function's value, the higher the level of satisfaction.