Mark Is an 86-Year-Old Watchmaker Who Works Ten Hours a Week

question 93

Multiple Choice

Mark is an 86-year-old watchmaker who works ten hours a week to supplement his retirement income.In determining the U.S.unemployment rate,Mark would be considered

• A) employed
• B) unemployed
• C) an involuntary part-time worker
• D) not in the labor force
• E) a discouraged worker

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Definitions:

Poverty Rate

The percentage of the population that lives below the national poverty line, indicating the proportion of society experiencing poverty.

Income Distribution

The way in which a country’s total income is divided among its population, affecting economic equity and standard of living.

Gini Ratio

is a measure of income inequality within a population, ranging from 0 to 1, where 0 signifies perfect equality and 1 reflects absolute inequality.

Gini Ratio

A measure of income or wealth distribution within a population, indicating inequality where a higher ratio suggests greater disparity.