The Labor Force Is Considered to Be

question 60

Multiple Choice

The labor force is considered to be:

• A) everyone who is employed.
• B) everyone who is employed plus everyone who is unemployed.
• C) the population of the nation.
• D) those not frictionally unemployed plus all others who are employed.

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Definitions:

Deadweight Loss

The loss of economic efficiency that can occur when the free market equilibrium for a good or a service is not achieved.

Taxes on Labor

Financial charges imposed by governments on workers' income, salaries, and wages.

Elderly

Individuals who are significantly beyond the usual age for retirement, often implying an age at which they receive certain societal or economic benefits like pensions.

Deadweight Loss

An economic inefficiency arising when there's a failure to attain or an impossibility of attaining equilibrium for a particular good or service.