The next two questions involve the following situation. Consider the following data from a particular economy. Item Value Unemployment Rate Labour Force Participation Rate Working-Age Population 10% 75% 3,600,000 54. How many people are in the Labour Force? (A) 3,600,000. (B) 360,000. (C) 2,700,000. (D) 270,000. 55. How many people are unemployed? (A) 3,600,000. (B) 360,000. (C) 2,700,000. (D) 270,000.

The next two questions involve the following situation. Consider the following data from a particular economy. Item Value Unemployment Rate Labour Force Participation Rate Working-Age Population 10% 75% 3,600,000 54. How many people are in the Labour Force? (A) 3,600,000. (B) 360,000. (C) 2,700,000. (D) 270,000. 55. How many people are unemployed? (A) 3,600,000. (B) 360,000. (C) 2,700,000. (D) 270,000.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Alex is a hard-working college sophomore. One Saturday, he decides to work nonstop until he has answered 50 practice problems for his economics course. He starts work at 8:00 AM and uses a table to keep track of his progress throughout the day. He notices that as he gets tired, it takes him longer to solve each problem. Time Total Problems Answered 8:00 AM 0 9:00 AM 20 10:00 AM 35 11:00 AM 45 Noon 50 Use the table to answer the following questions. The marginal, or additional, gain from Alex’s second hour of work, from 9:00 AM to 10:00 AM, is problems. The marginal gain from Alex’s fourth hour of work, from 11:00 AM to noon, is problems. Later, the teaching assistant in Alex’s economics course gives him some advice. “Based on past experience,” the teaching assistant says, “working on 7.5 problems raises a student’s exam score by about the same amount as reading the textbook for 1 hour.” For simplicity, assume students always cover the same…
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