Total number of adults currently employed or actively seeking work in all economic sectors is known as ?
Correct answer: A. Labor force
- A. Labor force
- B. Labor potential
- C. Work force
- D. All of them
Explanation
The labor force includes all adults who are employed or actively seeking employment, whether or not they currently have a job. “Labor potential” is not the standard economic term, while workforce can have a broader or less precise usage.
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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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