To Be Counted as Unemployed,one Must

question 188

Multiple Choice

To be counted as unemployed,one must:

• A) have had a job previously.
• B) be out of work and be actively looking for a job during the past 4 weeks.
• C) have had a job before and be actively looking for work.
• D) be actively looking for a job and have at least a high-school diploma or its equivalent.

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Definitions:

Market System

A market structure where the decisions about production, investment, and distribution are driven by the price signals that emerge from the dynamics of supply and demand.

Scarce Resources

Resources that are limited in supply and cannot satisfy all the demands placed on them.

Circular Flow Model

A simplified economic model that illustrates how money, goods, and services move through the economy in different markets between households and firms.

Basic Markets

Refers to the simplest forms of economic markets where goods and services are exchanged between buyers and sellers under minimal regulations or complexities.