Fred Was Working as a Sales Rep for a Firm

question 56

Multiple Choice

Fred was working as a sales rep for a firm, and just completed an MBA by taking courses at night. Fred quits his job to pursue a management position. Fred would be considered:

• A) underemployed.
• B) frictionally unemployed.
• C) structurally unemployed.
• D) classically unemployed.

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Definitions:

Unemployment Rate

The percentage of the labor force that is unemployed.

Money Supply

The aggregate of cash, coins, and deposits in checking and savings accounts, representing the financial assets available within an economy at a certain point in time.

Inflation

A sustained increase in the general price level of goods and services in an economy over a period of time.

Unemployment

The condition of someone being able to work and actively seeking work but unable to find employment.