ECONOMICS
BUSINESS CYCLES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Jen, who has been home sick for the last two weeks.
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Peter, who only worked at his job for three hours last week.
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John, who has been on vacation from his job for one week.
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Harold, who began his job three weeks ago on his 15th birthday.
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Detailed explanation-1: -Persons who are neither employed nor unemployed are not in the labor force. This category includes retired persons, students, those taking care of children or other family members, and others who are neither working nor seeking work.
Detailed explanation-2: -To be classified as unemployed, a person must be without a job, currently available to work, and actively looking for work in the previous four weeks.
Detailed explanation-3: -What are the main types of unemployment? There are three main types of unemployment – cyclical, structural and frictional unemployment.
Detailed explanation-4: -The four components of gross domestic product are personal consumption, business investment, government spending, and net exports. 1 That tells you what a country is good at producing. GDP is the country’s total economic output for each year.