SSC
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Voluntary unemployment
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Involuntary unemployment
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Seasonal unemployment
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None of the above
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Detailed explanation-1: -Involuntary unemployment occurs when a person is unemployed despite being willing to work at the prevailing wage. It is distinguished from voluntary unemployment, where a person refuses to work because their reservation wage is higher than the prevailing wage.
Detailed explanation-2: -Full employment refers to the situation when all the people who are willing to work in the economy at a prevailing wage rate are getting work and are employed to produce the desired level of output in the economy.
Detailed explanation-3: -Involuntary unemployment refers to the situation where an individual is not working, but is willing and able to work, and is actively seeking employment. This type of unemployment occurs when there are not enough jobs available for the number of people looking for work.