« previous next »

Author Question: Which of the following occur when a person maximizes utility? I. The marginal utility of each good ... (Read 91 times)

fox

  • Hero Member
  • *****
  • Posts: 540
on: Jun 29, 2018
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
Reply #1 on: Jun 29, 2018
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
« previous next »
 

Did you know?

Cancer has been around as long as humankind, but only in the second half of the twentieth century did the number of cancer cases explode.

Did you know?

In the United States, there is a birth every 8 seconds, according to the U.S. Census Bureau's Population Clock.

Did you know?

Since 1988, the CDC has reported a 99% reduction in bacterial meningitis caused by Haemophilus influenzae, due to the introduction of the vaccine against it.

Did you know?

Throughout history, plants containing cardiac steroids have been used as heart drugs and as poisons (e.g., in arrows used in combat), emetics, and diuretics.

Did you know?

During pregnancy, a woman is more likely to experience bleeding gums and nosebleeds caused by hormonal changes that increase blood flow to the mouth and nose.

good to eat good to eat
Where Earthquakes Occur— Convergent Boundaries Where Earthquakes Occur— Convergent Boundaries
The medical assisting profession offers many settings in which to pursue your career. Good communica The medical assisting profession offers many settings in which to pursue your career. Good communica
Infants often rely on a caregiver as a secure base when they meet a new person. Infants often rely on a caregiver as a secure base when they meet a new person.
Good body mechanics for lifting heavy objects. Good body mechanics for lifting heavy objects.
Marginal Products of Physical and Human Capital Marginal Products of Physical and Human Capital
Video: Parathyroid hormone (bone resorption) & Calcitonin (bone deposition)

For a complete list of videos, visit our video library