Correct Answer: C) the number of people who are out of work and actively looking for work

Explanation

This Economics question is asking about what the unemployment rate measures as a percentage of the labour force. The options are: A) the number of people in an economy who do not have jobs, B) the number of people in an economy who have jobs, C) the number of people who are out of work and actively looking for work (which is the correct answer), and D) the number of people who are looking for work.

The unemployment rate is a measure of the percentage of the labour force that is unemployed. The labour force includes people who are employed and those who are actively seeking work. Therefore, options A and B are incorrect as they do not take into account the labour force as a whole.

Option C is the correct answer because it refers to the number of people who are out of work and actively looking for work, which is a subset of the labour force. These are people who are willing and able to work, but are currently unable to find employment. By measuring this as a percentage of the labour force, we can get an idea of the level of unemployment in an economy.

Option D is not the correct answer as it is too broad. It includes people who are not actively seeking work, which is not relevant to the unemployment rate.

In summary, the unemployment rate measures the number of people who are out of work and actively looking for work as a percentage of the labour force. This is useful for understanding the level of unemployment in an economy.

Correct Answer: B. age structure of the population

Correct Answer: B. a limited liability company

Correct Answer: C. adopts the scientific method in the study of human behaviour

Correct Answer: C. inadequate implements

Correct Answer: C) It will break even

Explanation

This question is asking about what a firm needs to do in order to maximize its total profits. The options are: A) total revenue equals total cost, B) total cost exceeds total revenue by the greatest amount, C) it will break even, and D) it is at the break-even point.

The correct answer is C) it will break even. This means that a firm will make the most profit when its total revenue equals its total cost. When a firm is at the break-even point, it is not making a profit or a loss, but it is covering all of its costs.

It is important for a firm to consider its costs when making decisions about how much to produce and how much to charge for its products. If a firm charges too little for its products, it may not be able to cover its costs, and it will lose money. If a firm charges too much for its products, it may not sell enough to make a profit.

Therefore, a firm needs to find the sweet spot where it can charge a price that covers its costs while also selling enough products to make a profit. This is where the firm will maximize its total profits.

To learn more and verify this, please read the relevant sections of the recommended textbooks.

Correct Answer: C. net income from abroad

Correct Answer: C. difference between marginal utility and marginal cost

Explanation

Consumer Surplus is the difference between the price that consumers pay and the price that they are willing to pay. For instance if mr A budgeted N100 for commodity X and ended up buying it for 150, consumer surplus is 150-100=50.

Correct Answer: C. mode

Explanation

mode is the frequently occurring value in a given data

Correct Answer: B. negatively

Explanation

A high rent on land will affect the cost of producing maize negatively. This is because the producers or farmers who farm on the land will have to increase the prices for the maize in order to break even. This will affect the demand for the maize and the firm as well, as regards the law of demand. Apart from leading to an increase in the general cost of production, it is not every farmer or firm that may be able to afford the land to cultivate the maize.