For the Individual, the Most Obvious Cost of Unemployment Is

question 98

Multiple Choice

For the individual, the most obvious cost of unemployment is:

• A) lost output.
• B) lost income.
• C) increased drug use.
• D) family break-ups.

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Definitions:

Closed Economy

An economy that does not engage in international trade with other economies, neither importing nor exporting goods and services.

Government Deficit

The financial situation in which a government's expenditures exceed its revenues within a given fiscal period, leading to borrowing or debt accumulation.

Private Saving

The portion of households' income that is not consumed or paid in taxes, and is instead saved for future use.

Macroeconomist

An economist who focuses on broad issues such as inflation, unemployment, and national economic growth.