Author Question: Which of the following occur when a person maximizes utility? I. The marginal utility of each good ... (Read 92 times)

fox

  • Hero Member
  • *****
  • Posts: 540
Which of the following occur when a person maximizes utility? I. The marginal utility of each good bought is equal. II. The highest level of utility is attained. III. All of a person's budget is spent.
 
  A) I and II
  B) I and III
  C) II and III
  D) I, II and III

Question 2

The Bureau of Labor Statistics reported the data in the table above for October 2003.
 
  a) Calculate the number of people unemployed.
  b) Calculate the number of people who are not in the labor force
  c) Calculate the unemployment rate.
  d) Calculate the labor force participation rate.



juwms

  • Sr. Member
  • ****
  • Posts: 337
Answer to Question 1

C

Answer to Question 2

a) The labor force is the sum of the number of people employed plus the number of unemployed. So the number of people unemployed is the labor force minus the number of employed: 146.8 - 138.0 = 8.8 million.
b) The number of people who are not in the labor force is the difference between the working age population and the labor force: 222.0 - 146.8 = 75.2 million.
c) The unemployment rate is the number of unemployed as a percentage of the labor force: (8.8/146.8 )  100 = 6.0 percent.
d) The labor force participation rate is the percentage of the working-age population who are in the labor force: (146.8/222.0 )  100 = 66.1 percent.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

The ratio of hydrogen atoms to oxygen in water (H2O) is 2:1.

Did you know?

When Gabriel Fahrenheit invented the first mercury thermometer, he called "zero degrees" the lowest temperature he was able to attain with a mixture of ice and salt. For the upper point of his scale, he used 96°, which he measured as normal human body temperature (we know it to be 98.6° today because of more accurate thermometers).

Did you know?

If all the neurons in the human body were lined up, they would stretch more than 600 miles.

Did you know?

More than 4.4billion prescriptions were dispensed within the United States in 2016.

Did you know?

Tobacco depletes the body of vitamins A, C, and E, which can result in any of the following: dry hair, dry skin, dry eyes, poor growth, night blindness, abscesses, insomnia, fatigue, reproductive system problems, sinusitis, pneumonia, frequent respiratory problems, skin disorders, weight loss, rickets, osteomalacia, nervousness, muscle spasms, leg cramps, extremity numbness, bone malformations, decayed teeth, difficulty in walking, irritability, restlessness, profuse sweating, increased uric acid (gout), joint damage, damaged red blood cells, destruction of nerves, infertility, miscarriage, and many types of cancer.

For a complete list of videos, visit our video library