CSEET · Economic and Business Environment · Indian Economy
In Indian economic analysis, a person who is willing and able to work at the prevailing wage rate but cannot find a job is said to be experiencing which type of situation?
This is involuntary unemployment. The person is ready and able to work at the prevailing wage but cannot get a job. It differs from voluntary unemployment, where a person chooses not to work at that wage, and from disguised unemployment, where surplus workers are employed.
- AInvoluntary unemploymentCorrect
- BVoluntary unemployment
- CDisguised unemployment
- DUnderemployment by choice
Explanation
Involuntary unemployment means people are ready to work at the going wage but find no work. Voluntary unemployment is where a person chooses not to work at the prevailing wage. Disguised unemployment is where more workers are engaged than needed, so removing some does not reduce output.
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