Macroeconomics Unemployment

Who is included in the labor force by the Bureau of Labor Statistics?

Geroy, who does not have a job, but is looking for work.

The following table shows the labor market for Kentria in 2009.Refer to the table above. How many people are categorized as "employed?"

11000

The following diagram shows the supply and demand in the labor market in Kentria.Refer to the diagram above. The equilibrium wage rate in Kentria is $_____ and the number of people employed is _____ at the equilibrium wage.

5,50

The following diagram shows the supply and demand in the labor market in Kentria. Refer to the diagram above. The government imposes a minimum wage of $7. The size of labor force is _______ people, the number of people employed is _______, and the number of people unemployed is _______.

70,30,40

Which of the following does not help reduce frictional unemployment?

Unemployment insurance

The natural rate of unemployment is the:

amount of unemployment that the economy normally experiences.

Discouraged workers are:

counted as out of the labor force but should be counted as unemployed.

The following table shows the labor market for Kentria in 2009. Refer to the table above. What was the unemployment rate in 2009?

not 27

The following table shows the labor market for Kentria in 2009. Refer to the table above. What was the labor force participation rate in 2009?

not 55%

Cyclical unemployment refers to:

year-to-year fluctuations of unemployment around its natural rate.