Question : The number of people employed or seeking employment is known as:
Option 1: Workforce
Option 2: Labor force
Option 3: Unemployment rate
Option 4: Underemployment
Correct Answer: Labor force
Solution : The correct answer is (b) Labor force.
The labor force refers to the total number of people who are either employed or actively seeking employment. It includes individuals who are currently working for pay, as well as those who are unemployed but are actively looking for work. The labor force is a key measure used in labor market analysis and economic indicators.
The labor force does not include individuals who are not working and are not actively seeking employment, such as students, retirees, or individuals who have given up searching for a job. The labor force represents the pool of individuals available to participate in the workforce and contribute to economic productivity.
Question : The percentage of unemployed people in the labor force is called:
Option 1: Labor participation rate
Option 2: Unemployment rate
Option 3: Employment elasticity
Option 4: Job vacancy rate
Question : The unemployment rate is calculated by dividing the number of unemployed people by the:
Option 1: Total population
Option 3: Working-age population
Option 4: Employed population
Question : The labor force participation rate measures the:
Option 1: Percentage of people employed in the labor force
Option 2: Percentage of people unemployed in the labor force
Option 3: Percentage of people in the working-age population
Option 4: Percentage of people actively participating in the economy
Question : The term "unemployment rate" is defined as the number of unemployed individuals divided by the:
Question : The unemployment rate is calculated by dividing the number of unemployed individuals by:
Option 1: The total population
Option 2: The labor force
Option 3: The working-age population
Option 4: The employed population
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