Labor is fully employed when
A)everyone is working eight hours per day five days per week each year
B)everyone who wants to work can find a job within a reasonable amount of time
C)the unemployment rate is zero
D)the unemployment rate is below 3 percent
E)none of the above

Question

Quizplus · Accepted Answer

Labor is fully employed when everyone who wants to work can find a job within a reasonable amount of time. This is a more accurate definition than A, C or D, as the unemployment rate can never be zero, and a 3 percent unemployment rate still leaves some individuals without work.

Labor Is Fully Employed When