Which Population Category Equals the Sum of Employed and Unemployed

question 368

Multiple Choice

Which population category equals the sum of employed and unemployed people?

• A) working-age population
• B) labor force
• C) young and institutionalized
• D) not in the labor force

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Definitions:

Signaling

An action taken by an informed party to reveal private information to an uninformed party, often seen in job markets and education.

Compensation Scheme

A plan or system used to determine how to compensate or reward employees for their work, including wages, benefits, bonuses, and other forms of payment.

Efficiency Wage

A salary set by employers above the market equilibrium to increase productivity, attract high-quality employees, or reduce turnover.

Minimum Wage

The lowest legal salary that employers can pay their workers; the rate is set by law or agreement in order to protect workers from exploitation.