The term "unemployment" is best described as the total number of
A. people who have been laid off and have stopped looking for work.
B. adults who are looking for work but have not found a job.
C. adults who work fewer hours than they wish to work.
D. people not working.
Answer: B
Economics
You might also like to view...
Refer to the table above. Suppose that the only variable input that the firm uses is labor. What is the wage paid to a worker in the firm?
A) $1 B) $5 C) $10 D) $15
Economics
Suppose the marginal product of labor equals 1/L. If the wage is $1 per unit of labor, what is the short-run effect on the firm's labor demand if the price of output were to double?
A) The firm will demand half as much labor. B) The firm will demand twice as much labor. C) The firm will demand the same quantity of labor. D) There is not enough information to determine.
Economics