Chapter 6 PEARSON MYECONLAB HW

During the Great Depression the U.S. unemployment rate spiked as high as __________.

25 percent

A person is considered to be a full-time worker if they work __________ hours a week or more.

35

Which of these persons is officially unemployed?

A non-working individual who has looked for a job in the past week

Which of these factors can cause the natural rate of unemployment to change?

Demographic changes

When the unemployment rate is lower than the natural rate of unemployment the output gap is __________.

Positive

Unemployment arising from a persistent mismatch between the skills and characteristics of workers and job requirements is called _________

Structural employment

Which of these scenarios would most likely be considered a structural change that impacted employment?

The invention and widespread use of the Internet

Which of these groups is included in the labor force?

The unemployed

Marginally attached workers are individuals that do not have a job and have not looked for one in the previous four weeks __________.

but will likely search for employment again

At full employment, __________.

cyclical unemployment is zero

The short-term unemployment that arises from workers, in the process of changing jobs, is called __________.

frictional unemployment

The unemployment that occurs with the normal workings of the economy, such as workers taking time to search for suitable jobs and firms taking time to search for qualified employees, is called:

frictional unemployment

The "normal or natural" underlying level of unemployment in the economy is the __________.

full employment rate of unemployment

The percentage of the working-age population that is included in the labor force is known as the _________

labor force participation rate

The ratio of the labor force to the adult population is known as the:

labor force participation rate

The unemployment rate is defined as the percentage of people in the __________.

labor force who are unemployed

The unemployment rate in the United States is usually __________ than the unemployment rates in most other high-income countries, partly because the United States has __________ requirements for the unemployed to receive government payments.

lower, more stringent

The output gap is the difference between __________.

potential GDP and actual GDP

At any given time around one-third of the working-age population is not considered to be in the labor force. Most of these individuals are

retired or full-time students