Which of the following best describes an economy with full employment?
A) "Everyone who is looking for a job will have one."
B) "No person is unemployed for whatever reason."
C) "Full employment occurs only when the economy has a zero percent unemployment rate."
D) "The level of unemployment that corresponds to the normal friction in the labor market."

Question

Quizplus · Accepted Answer

Full employment does not mean zero unemployment; rather, it acknowledges the existence of frictional unemployment, which occurs as people move between jobs, careers, or locations. This level of unemployment is considered normal and healthy for the economy, reflecting the natural movement and evolution of the labor market.

Which of the Following Best Describes an Economy with Full