Economics · Employment and Unemployment
Which of the following best defines the term 'unemployment'?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1A situation where a person voluntarily chooses not to work
- 2A situation where people are willing and able to work at prevailing wages, but cannot find a job✓
- 3A situation where a person is temporarily unemployed due to seasonal variations
- 4A situation where a person is underpaid relative to their qualifications
Correct answer
A situation where people are willing and able to work at prevailing wages, but cannot find a job
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