Exhibit 10-2 Assume the Following Information About a Country for the Following

question 86

Multiple Choice

Exhibit 10-2
Assume the following information about a country for the following problems:
The total adult population equals 580 million;
The number of civilians employed is 360 million;
The number of civilians unemployed is 30 million
​
-Refer to Exhibit 10-2. From the data provided, the unemployment rate is approximately ____ percent.

• A)​4.5
• B)​7.7
• C)​9.2
• D)​5.4

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Definitions:

Minimum Cost

The lowest possible expense that can be incurred in the production of a good or service without sacrificing the quality or quantity.

Cost of Producing

The total expense incurred in the manufacture or production of a good, including raw materials, labor, and overhead.

Metal Alloy

A substance composed of two or more metals or a metal and a non-metal, mixed together to attain desired physical or chemical properties.

Fixed Proportions

A production technology assumption where inputs must be used in constant, unchanging ratios to produce outputs.