Since 1998 many government have defined unemployment using ?
Correct answer: D. the ILO/OECD standardised unemployment measurement
- A. a labour force survey.
- B. the number out of work and claiming benefit
- C. the percentage of the labour force not in work
- D. the ILO/OECD standardised unemployment measurement
Explanation
The ILO standard measures unemployment through labour-force surveys using internationally comparable criteria, rather than relying only on benefit claims. This is why it became the preferred basis for official comparisons.
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The economy is studied as a whole through national income, gross domestic product, inflation, unemployment, economic growth and business cycles. Coverage includes aggregate demand and supply, consumption and investment, money and banking, fiscal and monetary policy, exchange rates and balance of payments, which distinguishes macroeconomics from the study of individual markets.
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