Table 1 - Labor force data Year 1Year 2Population100 million110 millionLabor Force90 million100 millionNumber of Employed80 million96 millionAssuming that "full employment" is defined as a 5% unemployment rate, which of the following is true? Answers:A. Production has moved from on the PPF in Year 1 to inside the PPF in Year 2. B. Production has moved from on the PPF in Year 1 to outside the PPF in Year 2. C. Production has moved from inside the PPF in Year 1 onto the PPF in Year 2. D. The economy is producing on the PPF in both Years 1 and Year 2.

Year 1: Unemployed = LF – Employed = 90 – 80…

Answered: Table 1 - Labor force data Year 1…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Question

Table 1 - Labor force data

	Year 1	Year 2
Population	100 million	110 million
Labor Force	90 million	100 million
Number of Employed	80 million	96 million

Assuming that "full employment" is defined as a 5% unemployment rate, which of the following is true?


Answers:	A. Production has moved from on the PPF in Year 1 to inside the PPF in Year 2.
	B. Production has moved from on the PPF in Year 1 to outside the PPF in Year 2.
	C. Production has moved from inside the PPF in Year 1 onto the PPF in Year 2.
	D. The economy is producing on the PPF in both Years 1 and Year 2.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions