Which of the Following People Would Be Considered Unemployed by the Bureau

question 111

Multiple Choice

Which of the following people would be considered unemployed by the Bureau of Labor Statistics?
I. Mrs. X retires from her job and does not look for another job.
II. Mr. Y was laid off from his job as a welder, but expects to be rehired in 8 months.

• A)I only
• B)II only
• C)Both I and II
• D)Neither I nor II

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Definitions:

Inferior Good

A type of good for which demand decreases as the income of consumers increases, opposite to a normal good.

Demand

The quantity of a product or service that consumers are willing and able to purchase at various prices over a given period of time.

Income

Payments received, on an ongoing basis, as a result of employment or investment yields.

Normal Good

A good for which demand increases as consumer income rises, and decreases as consumer income falls.