The Labor Force in the United States Is Defined as

question 24

Multiple Choice

The labor force in the United States is defined as

• A)the total number of individuals who are employed.
• B)the sum of the total number of individuals who are employed and the officially unemployed.
• C)the sum of the total number of individuals who are employed, the officially unemployed, and discouraged workers.
• D)the total number of individuals who are 16 years old and older, but not retired.
• E) none of the above

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Definitions:

Marginal Revenue Product

The extra income produced by using an additional unit of a resource, such as manpower or investment.

Going Wage

The prevailing wage level for a given job in a specific market or industry, often determined by the balance of supply and demand for labor.

Labor

The deployment of human physical and cognitive efforts towards the creation of goods and the provision of services.

Equilibrium Price

The cost at which the amount of a product consumers want to buy matches the amount that producers are willing to sell.