If the Unemployment Rate Is 6

question 164

Multiple Choice

If the unemployment rate is 6.2% and the number of people employed is 200,000, the total number of people unemployed is approximately

• A) 10,970 people
• B) 12,400 people.
• C) 13,220 people.
• D) cannot be determined from this information

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Definitions:

Total Cost

Total cost is the complete cost of production that includes both fixed and variable costs.

Quantity

The amount or number of a material or immaterial good considered as a unit or total.

Average Total Cost

The total cost of producing a given output level divided by the quantity of output, indicating the average expense per unit produced.

Marginal Cost

The rise in financial outlay for the production of an extra unit of a product or service.