The Total Labor Force Equals

question 118

Multiple Choice

The total labor force equals:

• A)​the number of officially employed persons.
• B)​the number of officially unemployed persons.
• C)​the number of officially employed plus unemployed persons.
• D)​the number of persons aged sixteen and over in the population.

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Definitions:

Supply of Labor

Refers to the total hours that workers wish to work at a given real wage rate, across the entire economy.

Demand for Labor

The total amount of workers that employers are willing and able to hire at a given wage rate in a certain period.

Union Membership

The state of being a member of a labor union, which is an organization that represents the collective interests of workers in negotiations with employers.

Manufacturing

The process of converting raw materials or components into finished goods through the use of tools, human labor, machinery, and chemical processing.