What distinguishes an unemployed person from one who is not in the labor force?
What will be an ideal response?
A general definition of unemployment is a person who wants to work but does not have a job. A person who is not in the labor force does not have a job and does not want one. More specifically to be considered as unemployed, and thus in the labor force, the person must not have a job but must be available and willing to work. The person must also have made some effort to find work within the past four weeks, or be waiting to be called back to a job from which he or she has been laid off, or be waiting to start a new job within 30 days.
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When demand is elastic, an increase in price leads to:
A. a decrease in total expenditures. B. an undetermined change in expenditures. C. an increase in total expenditures. D. no change in total expenditures.
A recessionary gap occurs when
A) aggregate demand falls, but other things remain constant. B) the short-run equilibrium level of real GDP is less than the level consistent with the long-run aggregate supply curve. C) the short-run equilibrium level of real GDP is greater than the level consistent with the long-run aggregate supply curve. D) short-run aggregate supply falls, but other things remain constant.