Table 15-4 -Refer to Table 15-4

question 413

Multiple Choice

Table 15-4
$\begin{array}{|l|l|}\hline \text { Civilian labor force } & 100 \text { million } \\\hline \text { Persons unemployed } 15 \text { weeks or longer } & 1.6 \text { million } \\\hline \text { Job losers and persons who have completed temporary jobs (excludes job leavers) } & 3.1 \text { million } \\\hline \text { Total unemployed } & 6.2 \text { million } \\\hline \text { Total unemployed plus discouraged workers } & 7.0 \text { million } \\\hline \text { Total unemployed plus all marginally attached workers } & 8.1 \text { million } \\\hline \begin{array}{l}\text { Total unemployed plus all marginally attached workers plus total employed part-time for } \\\text { economic reasons }\end{array} & 9.2 \text { million } \\\hline\end{array}$

-Refer to Table 15-4. What is the U-6 measure of labor underutilization?

• A)8.4 percent
• B)9.0 percent
• C)9.2 percent
• D)35.2 percent

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Definitions:

Market Failure

A situation where the allocation of goods and services by a free market is not efficient, often due to externalities, monopolies, information asymmetries, or public goods.

Opportunity Cost

The value of the next best alternative foregone as the result of making a decision, representing the benefits an individual, investor, or business misses out on when choosing one alternative over another.

Leisure

Leisure refers to the time spent away from work, business, or compulsory activities, allowing for rest, recreation, or personal interests and activities.

Higher Wage

A wage level that is above the average or norm, often reflective of high skill levels, demand for specific labor, or union negotiations.