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In June 2009 the Bureau of Labor Statistics Reported an Adult

question 64

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In June 2009 the Bureau of Labor Statistics reported an adult population of 234.9 million,a labor force of 154 million and employment of 141.6 million.Based on these numbers the unemployment rate was


Definitions:

Herfindahl Index

A measure of market concentration used to evaluate the level of competition within an industry, calculated by summing the squares of the market shares of all firms in the industry.

Four-Firm Concentration Ratio

A measure of market concentration that indicates the combined market share of the four largest firms in an industry.

Productive Efficiency

A situation where a good or service is produced at the lowest possible cost.

Allocative Efficiency

A state of the economy in which resources are allocated in a way that maximizes the total benefit to society.

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