What Definition of Unemployment Would You Expect Classical Economists to Use

question 124

Multiple Choice

What definition of unemployment would you expect classical economists to use?

• A) anyone who is actively seeking work
• B) anyone who is willing to work if the market wage increases
• C) anyone who is willing to work at the current market wage, but has not yet been able to find employment
• D) anyone who is currently not working

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Definitions:

Economy

The system by which goods and services are produced, distributed, and consumed within a particular area or country.

Basic Decisions

Fundamental choices or determinations made to guide actions, policies, or strategies, often in businesses or personal planning.

Economies

The large set of inter-related production, consumption, and exchange activities that aid in determining how scarce resources are allocated.

Goods Produced

The total quantity of physical items that are manufactured or processed by a company or economy within a specific time frame.