Scenario: Consider Country A with a population of 2 million people. In Country A, there are 1.5 million people employed; 0.3 million younger than 18, in school or retired; 0.1 million voluntarily unemployed; and 0.1 million people officially unemployed.
-Refer to the scenario above.If country A is at a labor market equilibrium,which of the following should be the only reason that a person is officially unemployed?
A) There is imperfect information between employers and workers, so the person is not able to find a job.
B) The person is not willing to work at the market clearing wage rate.
C) The person is in school and chooses not to work.
D) The person is retired.
Correct Answer:
Verified
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