A Person Is Officially Unemployed If Three Conditions Are Satisfied

question 33

Multiple Choice

A person is officially unemployed if three conditions are satisfied: he or she ________.

• A) does not have a job
• B) has actively looked for work in the prior 4 weeks
• C) is currently available for work
• D) meets all the above conditions

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Definitions:

National Debt

The net accumulation of federal budget deficits.

Rate of Unemployment

The percentage of the labor force that is jobless and actively seeking employment.

Normative Economic Statement

A statement that reflects opinions or judgments about what ought to be in economics, focusing on the desirability of certain economic policies or outcomes.

Minimum Wage

The lowest legal wage that employers are allowed to pay their workers, set by law to ensure a minimum standard of living for employees.