The Amount of Unemployment Varies

question 36

Multiple Choice

The amount of unemployment varies

• A)little over time and across countries.
• B)little over time but substantially across countries.
• C)substantially over time but little across countries.
• D)substantially over time and across countries.

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Definitions:

Full Employment

This term refers to the condition where all available labor resources are being used in the most economically efficient way, with no involuntary unemployment.

Production Possibilities Curve

A graph that shows the different quantities of two goods that an economy can produce with fixed resources and technology.

Human Economic Wants

Desires that require resources to satisfy, emphasizing the economic aspect of needs and desires.

After-Tax Income

The amount of net income left after all taxes have been deducted.