Economists Say That There Is Unemployment When

question 110

Multiple Choice

Economists say that there is unemployment when:

• A) there is excess demand in the labour market
• B) at the going wage rate there are people who want to work but cannot find work
• C) there are less unfilled vacancies than there are people seeking work
• D) there are people who are not willing to work at the going wage rate

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Definitions:

Patents

Legal documents granting an inventor exclusive rights to produce, use, and sell an invention for a certain period of time.

Raw Materials Inventory

The total cost of all components and materials that are used in the production of a final product but have not yet been used in the manufacturing process.

Historical Cost

An accounting method where assets are listed and valued on the balance sheet at their original purchase price.

Current Cost

Current cost refers to the cost of purchasing an asset or replacing a liability at current market rates, as opposed to historical purchase prices.