INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The number of people over 18 who do not have a job but are not actively seeking employment.
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The number of people over 16 who do not have a job but are actively seeking employment.
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Either A or B
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None of the above
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Detailed explanation-1: -The primary factor in determining whom to count as unemployed is that the person be actively seeking employment. “Wanting a job” is not enough to be counted as unemployed. Who is Not in the Labor Force?
Detailed explanation-2: -Government policies, such as high minimum wage floors, generous social benefits programs, and restrictive occupational licensing laws. Labor market phenomena, such as efficiency wages and discriminatory hiring. Labor market institutions, such as high rates of unionization.
Detailed explanation-3: -The unemployment rate represents the number of unemployed people as a percentage of the labor force (the labor force is the sum of the employed and unemployed). The unemployment rate is calculated as: (Unemployed ÷ Labor Force) x 100.
Detailed explanation-4: -Percentage of employed individuals = Number of people working / Working-age population x 100. Total percentage of unemployed = Unemployed individuals / Working-age population x 100. Unemployment rate = Total number unemployed / Total number in labor force x 100. 12-Dec-2022