Econ-B 252 | Chapter 1 & 2

During the course of a year, the labor force consists of the same 1,450 people. Of these, 65 lack skills that employers desire and hence remain unemployed throughout the year. At the same time, every month during the year, 37 different people become unemployed, and 37 other different people who were unemployed find jobs. Also, 18 different people are unemployed due to seasonal factors. 22 people are unemployed due to the overall decline in the economy. Based on this information, the cyclical unemployment rate is ___ %.

1.52%

The real rate of interest equals 8%, and the expected rate of inflation equals 2%. The nominal rate of interest is ___

10

Assume the base year is 2015. Based on the information above, the price index for 2015 is ____ and the price index for 2018 is ___.

100 142.11

Employment: 115,469 Unemployment: 19,911 Adult Population: 241,790 Based on the information above, calculate the Non-Labor Force.

106,410

Employment: 136,303 Unemployment: 19,984 Adult Population: 267,061 Based on the information above, calculate the Unemployment Rate.

12.79%

Employment: 123,221 Unemployment: 16,982 Adult Population: 247,128 Based on the information above, calculate the Civilian Labor Force.

140,203

Employment: 138,381 Unemployment: 15,340 Adult Population: 236,743 Based on the information above, the Civilian Labor Force is ___ and the Non-Labor Force is ___.

153,721 83,022

Employment: 119,046 Unemployment: 18,231 Adult Population: 253,621 Based on the information above, calculate the Labor Force Participation Rate.

54.13%

Employment: 138,381 Unemployment: 15,340 Adult Population: 236,743 Based on the information above, calculate the Labor Force Participation Rate.

64.93%

During the course of a year, the labor force consists of the same 1,450 people. Of these, 65 lack skills that employers desire and hence remain unemployed throughout the year. At the same time, every month during the year, 37 different people become unemployed, and 37 other different people who were unemployed find jobs. Also, 18 different people are unemployed due to seasonal factors. 22 people are unemployed due to the overall decline in the economy. Based on this information, the actual unemployment rate is ___%. The natural rate of unemployment is ___%.

9.79% 8.28%

Employment: 138,381 Unemployment: 15,340 Adult Population: 236,743 Based on the information above, calculate the Unemployment Rate.

9.98%

A welder loses his job when the factory is replaced with a hospital looking for specially trained nurses. This is an example of structural unemployment. A. Structural B. Cyclical C. Seasonal D. Frictional

A

If cashier is replaced by a robot, this is an example of ___ unemployment. A. Structural B. Cyclical C. Seasonal D. Frictional

A

Which of the following individuals will not be a part of the U.S. labor force? A. A college graduate seeking a job after graduation. B. An unemployed computer worker who has given up looking for a job. C. A person who is not working because of labor dispute. D. A person who can work only part time.

B

A worker who decides to quit their job and go to law school full time is considered to be A. Employed B. Unemployed C. Not in the labor force D. A discouraged worker

C

Which of the following best describe an increase in structural unemployment? A. An economy enters a recession. B. People lose jobs in agriculture when the growing season ends. C. People must undergo a long retraining process in new skills after losing their jobs. D. People must undergo a long retraining process in new skills after losing their jobs.

C

A recent graduate from business school is not accepting offers from various investment banks because she wants to work for the right company. This is an example of ___ unemployment. A. Structural B. Cyclical C. Seasonal D. Frictional

D

A worker recently moved to a new city and looking for work. This is an example of ___ unemployment. A. Structural B. Cyclical C. Seasonal D. Frictional

D

Worker was fired from his job at the zoo after giving one of the monkeys to a German visitor. He is looking for another job now. He is ___ A. Structurally unemployed B. Cyclically unemployed C. Not counted in the labor force D. Frictionally unemployed

D