Unemployment Rate 5% Labour Force Participation Rate 75% Working-Age Population 7,000,000 How many people are in the Labour Force? (A) 7,000,000. (B) 5,250,000. (C) 262,500. (D) 525,000. How many people are unemployed? (A) 7,000,000. (B) 5,250,000. (C) 262,500. (D) 525,000.
Unemployment Rate 5% Labour Force Participation Rate 75% Working-Age Population 7,000,000 How many people are in the Labour Force? (A) 7,000,000. (B) 5,250,000. (C) 262,500. (D) 525,000. How many people are unemployed? (A) 7,000,000. (B) 5,250,000. (C) 262,500. (D) 525,000.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
The next two questions involve the following situation. Consider the following data from a particular economy.
Item Value |
|
Labour Force Participation Rate 75% |
Working-Age Population 7,000,000 |
- How many people are in the Labour Force?
(A) 7,000,000.
(B) 5,250,000.
(C) 262,500.
(D) 525,000.
- How many people are unemployed?
(A) 7,000,000.
(B) 5,250,000.
(C) 262,500.
(D) 525,000.
18
- If you were to reject the classical dichotomy, then which of the following ideas would you be more likely to reject?
(A) Monetary neutrality.
(B) Liquidity preferences.
(C) The Cantillion effect.
(D) Velocity is stable over time.
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