Using the Official Measure of Unemployment, Which of the Following

question 127

Multiple Choice

Using the official measure of unemployment, which of the following people is considered unemployed?

• A)A person who gave up looking for jobs because he or she was discouraged about his or her job prospects
• B)A person who has been searching for work, but turns down a job paying a lower wage rate than desired
• C)A part- time worker who wishes to work full time
• D)A person who is working but expects to be laid off at the end of the month

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Definitions:

Real Gross Domestic Product

A measure adjusted for inflation that shows the value of all products and services produced within an economy in a specific year.

Nominal Gross Domestic Product

The market value of all final goods and services produced within a country in a year, measured using current prices without adjustment for inflation.

Price Level

The average of current prices across the entire spectrum of goods and services produced in the economy, a measure of inflation or deflation.

Price Index

A statistical measure that examines the weighted average of prices of a basket of consumer goods and services, showing trends over time.