Refer to the Information Above

question 36

Multiple Choice

Refer to the information above.The official unemployment rate is

• A) .1.
• B) .2.
• C) .33.
• D) .4.
• E) .66.

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Definitions:

Consumer Surplus

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

Free Trade

An economic policy that allows goods and services to be traded between countries with few or no barriers such as tariffs or quotas.

Autarky

An economic system of self-sufficiency where a country or region attempts to produce everything it needs without engaging in international trade.

Total Surplus

The sum of consumer surplus and producer surplus, representing the total net benefit to society from the production and consumption of a good.