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# The Bureau of Labor Statistics reported in 2005 that there

The Bureau of Labor Statistics reported in 2005 that there were 53.23 million people over age 25 who had at least a bachelor's degree, 40.59 million of whom were employed and 0.98 million of whom were unemployed. What were the labor-force participation rate and the unemployment rate for this group?

a. 76.3% and 1.8%

b. 76.3% and 2.4%

c. 78.1% and 1.8%

d. 78.1% and 2.4%

The Bureau of Labor Statistics reported in 2005 that there were 50.40 million people over age 25 whose highest level of education was some college or an associate degree, 33.86 million of whom were employed and 1.27 million of whom were unemployed. What were the labor-force participation rate and the unemployment rate for this group?

a. 67.2% and 3.6%

b. 69.7% and 3.6%

c. 69.7% and 2.5%

d. 67.2% and 2.5%

Suppose some country had an adult population of about 46 million, a labor-force participation rate of 75 percent, and an unemployment rate of 8 percent. How many people were employed?

a. 42.32 million

b. 31.74 million

c. 2.76 million

d. 34.5 million

A certain cowboy spends 10 hours per day mending fences and herding cattle. For the cowboy, a graph that shows his various possible mixes of output (fences mended per day and cattle herded per day) is called his

a. line of tastes.

b. production possibilities frontier.

d. consumption possibilities frontier.

Which of the following statements best represents the principle represented by the adage, "There is no such thing as a free lunch"?

a. Kendra must decide between going to Colorado or Cancun for spring break.

b.Brian must repair the tire on his bike before he can ride it to class.

c. Greg is hungry and homeless.

d. Melissa can attend the concert only if she takes her sister with her.