Who is an unemployed worker? If the number of employed workers in a country, where the size of the labor force is 4 million, is 2.75 million, what is the number of unemployed workers in the country?
What will be an ideal response?
A worker is unemployed if he or she does not have a job, has actively looked for work in the prior four weeks, and is currently available for work.
The labor force in a country equals the sum of employed workers and unemployed workers. Hence, the number of unemployed workers in the country is (4 - 2.
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How does conventional monetary policy work in the short run?
A. Fed sets target FFR, open market operations, bank reserves and money supply changes, market FFR and other short run interest rates change, consumption changes, and AD changes B. fed prints money, inflation increases, money loses value
Deadweight losses are associated with
a. taxes that distort the incentives that people face. b. taxes that target expenditures on survivor's benefits for Social Security. c. taxes that have no efficiency losses. d. lump-sum taxes.