John Has Been Without a Job for 12 Months and Quit

question 60

Multiple Choice

John has been without a job for 12 months and quit searching for work about three months ago.The Bureau of Labor Statistics would classify John as

• A)employed.
• B)unemployed.
• C)not part of the labor force.
• D)on layoff.

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Definitions:

Market Behavior

Refers to the aggregate actions and reactions of buyers and sellers in a marketplace, influencing prices, supply, and demand.

Trade

The exchange of goods, services, or both between two or more parties, often internationally or domestically to mutual advantage.

Short-run

A time period in economics during which at least one input, such as factory size or capital, is fixed, and firms can adjust production levels only by changing variable inputs like labor.

Inflation

The growth rate of general prices for goods and services, which sequentially leads to a reduction in the ability to make purchases.