The Official Definition of Unemployment

question 97

Multiple Choice

The official definition of unemployment:

• A) overstates the unemployment rate by not accounting for underemployed workers.
• B) understates the unemployment rate by not accounting for members of the armed forces.
• C) understates the unemployment rate by not accounting for discouraged workers.
• D) overstates the unemployment rate by not accounting for discouraged workers.

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Definitions:

Good Faith

A sincere intention to be fair, open, and honest, regardless of the outcome of the engagement or agreement.

Nonconforming Goods

Products shipped by a seller that fail to meet the specifications or quality standards agreed upon in a contract.

Buyer Breaches

Occurs when a purchaser fails to comply with the terms of a contract or agreement.

Common Carrier

An individual or business that offers transportation services to the general public under the authority of a regulatory body.