edpuzzle mod41
The full-employment unemployment rate in the economy has been achieved when: cyclical unemployment is zero the natural unemployment rate is zero structural unemployment is zero frictional unemployment is zero
cyclical unemployment is zero
Anthony, a schoolteacher, is not working during his three-month summer break. Anthony would be considered by the Bureau of Labor Statistics as: none of these Employed Not in the Labor Force Unemployed
Employed
A person that does not have a job always gets classified by the government as unemployed. True False
False
The labor force is _____________ the working age population. smaller than larger than the same size as
smaller than
Official unemployment statistics: accurate capture the level of unemployment in an economy. overstate the true measure of unemployment because of the presence of discouraged workers. tend to understate the true measure of unemployment because of people working at jobs for which they are vastly overqualified.
tend to understate the true measure of unemployment because of people working at jobs for which they are vastly overqualified.
The Labor Force of an economy consists of people 16 years or older: that have jobs. that can work even if they choose not to. that actively want to work.
that actively want to work.
The population age 16 and older = 200,000 The Labor Force consists of 100,000 people Number of people working part-time = 20,000 Number of people working full-time = 70,000. Using the information above, what is the Labor Force Participation rate? 10% 70% 50% 5% 20%
50%
In a country with a working age population of 200 million, 130 million workers are employed and 10 million are unemployed. The unemployment rate is __________. 7.1% 65% 6.3% 5% 7.7%
7.1%
Which of the following are macroeconomic goals? (Check ALL that apply) income equality a low tax rate for households high profits for firms low unemployment low prices zero unemployment
low enployment
The Labor Force Participation Rate: is the percentage of people 16 years or older that are employed should increase as people become more hopeful about their prospects of finding a job. will not change since people that have not been looking for work are already counted as unemployed.
should increase as people become more hopeful about their prospects of finding a job.
To be considered part of the working-age population you must be: sixteen years old and older fifteen years old and older seventeen years old and older
sixteen years old and older
The labor force is _____________ the working age population. smaller than the same size as larger than
smaller than
A person that lost their job when the factory closed down and moved to China would be considered ___________ unemployed. seasonally cyclically laterally naturally frictionally structurally
structurally
Official unemployment statistics: none of these tend to overstate the true measure of unemployment because of people working part-time that would rather be working full-time. understate the true measure of unemployment because of the presence of discouraged workers. accurately capture the level of unemployment in an economy.
understate the true measure of unemployment because of the presence of discouraged workers.
Mathematically, discouraged workers: overstate the unemployment rate understate the unemployment rate don't affect the unemployment rate
understate the unemployment rate
Mathematically, discouraged workers: understate the unemployment rate overstate the unemployment rate don't affect the unemployment rate
understate the unemployment rate
Not having a job means you are classified as unemployed. True False
false
The population age 16 and older = 200,000 The Labor Force consists of 100,000 people Number of people working part-time = 20,000 Number of people working full-time = 70,000. Using the information above, what is the unemployment rate? 70% 50% 20% 10% 5%
10%
The population age 16 and older = 200,000 The Labor Force consists of 100,000 people Number of people working part-time = 20,000 Number of people working full-time = 70,000. Using the information above, how many people are unemployed? 110,000 30,000 100,000 20,000 10,000
10,000
Business cycles are usually all of the same length and severity. False True
False
Fifteen year olds are considered part of the working-age population or "potential labor force". False True
False
Frictional unemployment is typically of longer duration than the other types of unemployment. False True
False
In a recession people that are out of work, and want to work, may quit looking for work after months or a year of not being able to find a job. Since they don't have a job, officially they are unemployed. False True
False
The Labor Force is equal to the size of the economy's population. True False
False
The labor force of an economy is comprised of everyone living in that economy. True False
False
The number of unemployed Americans is based mostly on the number of people collecting unemployment benefits. False True
False
There will always be some amount of cyclical unemployment. True False
False
When the actual unemployment rate equals the natural rate of unemployment, the economy is achieving: Occupational employment The best of both worlds Cyclical employment Frictional employment Structural employment Lateral employment Seasonal employment Full employment
Full employment
Rosa, an older worker, has been laid off and gave up looking for work months ago. Rosa would be considered by the Bureau of Labor Statistics as: Unemployed none of these Not in the Labor Force Employed
Not in the Labor Force
Unemployment that occurs when people lose their jobs due to some technological improvement. Structural unemployment Occupational unemployment Seasonal unemployment Lateral unemployment Cyclical unemployment Frictional unemployment
Structural unemployment
People serving in the military are NOT part of the labor force. True False
True
Sixteen year olds are considered part of the working-age population. True False
True
Structural unemployment tends to last longer than frictional unemployment. False True
True
Grace, an investment banker, has been laid off (for reasons she'd rather not discuss) and is currently searching for another job. Grace would be considered by the Bureau of Labor Statistics as: none of these Employed Unemployed Not in the Labor Force
Unemployed
Unemployment rises as the economy experiences ________________ in the business cycle. a downswing an upswing
a downswing
Structural unemployment exists when there is: a downturn in the economy a mismatch between an employee's skills and an employer's needs movement from being a discouraged worker to resuming the job search process
a mismatch between an employee's skills and an employer's needs
Structural unemployment exists when there is: movement from being a discouraged worker to resuming the job search process a downturn in the economy a mismatch between an employee's skills and an employer's needs
a mismatch between an employee's skills and an employer's needs
The amount of structural unemployment can be seen as the distance between the demand curve for labor and the supply curve for labor at wages: below the equilibrium wage above the equilibrium wage equal to the equilibrium wage
above the equilibrium wage
As Real GDP decreases, we can expect the actual unemployment rate to: equal the natural rate of unemployment be less than the natural rate of unemployment be greater than the natural rate of unemployment
be greater than the natural rate of unemployment
People that are out of work but have given up looking for work even though they still do want a job are: called discouraged workers and are not officially part of the labor force called discouraged workers but are still officially part of the labor force since they still do want a job
called discouraged workers and are not officially part of the labor force
People that are out of work but have given up looking for work even though they still do want a job are: just plain lazy which probably explains why they don't have a job called discouraged workers but are still officially part of the labor force since they still do want a job called discouraged workers and are not officially part of the labor force
called discouraged workers and are not officially part of the labor force
A person that is unemployed because the economy is contracting and business has slowed down causing lay-offs would be considered ___________ unemployed. naturally structurally frictionally laterally seasonally cyclically
cyclically
Unemployment _________ as the economy experiences an upswing in the business cycle. increases declines
declines
Contestant #02 could also be considered: discouraged dead, I mean, he went through that trapdoor. What kind of game show is this anyway?
discouraged
The unemployment rate is calculated by: dividing the number of people officially considered unemployed by the entire population of the country, and then multiplying by 100 dividing the total number of people not working by the labor force, and then multiplying by 100 dividing the number of people officially considered unemployed by the labor force, and then multiplying by 100 adding the number of people not working, being stay at home parents, going to college and dividing that number by the working age population
dividing the number of people officially considered unemployed by the labor force, and then multiplying by 100
A person that is unemployed while they move from Ohio to California would be considered ___________ unemployed. seasonally frictionally laterally structurally naturally cyclically
frictionally
When a recent college graduate begins looking for work, this person would be classified as: not being in the labor force until they find their first job frictionally unemployed structurally unemployed cyclically unemployed
frictionally unemployed
As the economy improves, more discouraged workers will resume looking for work and/but the unemployment will __________. decrease not be affected increase
increase
As Real GDP decreases, we typically see: decreases in cyclical unemployment increases in cyclical unemployment
increases in cyclical unemployment
What she just explained, most closely resembles a: minimum wage rent control
minimum wage
Structural unemployment means there are: more jobs than workers in a particular industry more people going back to school than are applying for jobs more people seeking work than there are jobs in a particular industry people just entering the labor force wages that are too low in a particular industry
more people seeking work than there are jobs in a particular industry
Structural unemployment means there are: more jobs than workers in a particular industry more people seeking work than there are jobs in a particular industry more people going back to school than are applying for jobs wages that are too low in a particular industry people just entering the labor force
more people seeking work than there are jobs in a particular industry
If a large number of people are reduced to part-time work when they used to have and want full-time work, the unemployment rate will: decrease, because you can either have one person working an eight hour shift or two people working four hour shifts not be affected since, technically they still have a job increase, since they are working fewer hours
not be affected since, technically they still have a job
A full-time student that can afford to not have to work would be considered: unemployed not in the labor force
not in the labor force
A retiree would be considered: unemployed not in the labor force
not in the labor force
A stay-at-home parent would be considered: not in the labor force unemployed
not in the labor force
People that do not have jobs and have not been looking over the last four weeks are considered to be: employed unemployed not unemployed
not unemployed
Officially, a person is unemployed if: they are in the labor force, but do not have a job they do not have a job
they are in the labor force, but do not have a job