Advertisements
Advertisements
Question
Define full employment in an economy.
Solution
Full employment refers to the situation where the resources of the economy are fully employed in the best efficient way possible and no unemployment exists in the economy.
APPEARS IN
RELATED QUESTIONS
Give the meaning of full employment.
Answer the following question.
Explain 'mixed-income of self-employed' and give an example.
State the meaning of the following:
Full Employment
Every able-bodied person who is willing to work at the prevailing wage rate is employed called as______.
According to classical economists, there always exists ______ equilibrium in the economy.
Which of the following is true for the Classical Theory of Employment?
“Wage cut maintains full employment in the economy.” Who put forward this view?
When MGNERGA was launched?
Why should the price rise only after full employment?
What is the impact of deficient demand on output, employment, and prices?
With reference to the above question, which of the following statements are correct
Statement 1:- Effect on output: Low level of investment and employment implies a low level of output
Statement 2:- Effect on employment: Because of deficiency of demand, investment level is reduced. Accordingly, the level of employment tends to fall.
Statement 3:- Effect on prices: A fall in prices is the immediate consequence of deficient demand.
Which of the following statements is true?
Assertion (A): Full employment is the situation where all those workers who are able to work and willing to work get employment at the prevailing wage rate.
Reason (R): The situation of full employment is achieved only when the economy is in equilibrium.
Full employment:
Assertion (A): Full employment refers to, absence of involuntary unemployment.
Reason (R): Under full employment situation, all willing and able bodied people get employment at prevailing wage rate.
