Which of the Following Best Fits the Definition of Unemployed

question 277

Multiple Choice

Which of the following best fits the definition of unemployed?

• A) retired and not working
• B) not working but looking for a job
• C) working less than a full work week
• D) not working and not looking for work

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Definitions:

Producer Surplus

The difference between what producers are willing to accept for a product because of its cost of production and what they actually receive (the market price).

Economy

A system for coordinating society’s productive activities.

Producer Surplus

The excess amount that producers make from selling a product over their minimum acceptable price.

Autarky

An economic system characterized by self-sufficiency, where a region or country aims to produce all it needs without engaging in international trade.