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:

Current Prices

Prices at which goods and services are sold in the market at the present time, not adjusted for inflation or other factors that affect purchasing power.

Base-Year Prices

Prices from a specific base year that are used to calculate real values or quantities, allowing for the comparison of economic data over time by removing the effects of inflation.

Laspeyres Index

A price index calculated by taking the ratio of the total cost of purchasing a specified set of goods and services in a given period to the cost of purchasing the same set of goods and services during a base period, using base period quantities for weighting.

Nominal Income

The amount of money earned in current dollars, without adjustment for inflation or purchasing power.