The Labor Force Is Defined as the Number of People

question 390

Multiple Choice

The labor force is defined as the number of people who

• A) would like to have a job but have stopped seeking work.
• B) would like to have a full-time job but are working part-time.
• C) are employed plus the number of people who are unemployed.
• D) are available and looking for work but are unable to find employment.

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Definitions:

Preferences

Individual likings or choices among various options or alternatives.

Hindsight Bias

The tendency to believe, after an event has occurred, that one would have predicted or expected the outcome, often referred to as the "I knew it all along" phenomenon.

Representativeness Heuristic

A cognitive shortcut where the likelihood of an object belonging to a category is judged based on how typical the object appears to be of that category.

Phases of Decision Making

Describes the sequence of steps from identifying a problem or opportunity, through to the final choice and its implementation.