Macro HW #4

A country has 24 million people in the labor force, and 21.5 million are employed. What is the unemployment rate in this country?

10.4%

A country has 50 million people, 30 million of whom are adults. Of the adults, 5 million are not interested in working, another 5 million are interested in working but have given looking for work, and 5 million are still looking for work. Of those who do have jobs, 5 million are working part time but would like to work full time, and the remaining 10 million are working full time. What is the country's labor force participation rate?

66.7%

If the adult population of a country is 200 million, 100 million are employed, and 10 million are unemployed. The country's unemployment rate is:

9.1%

Which of the following is a case of structural unemployment?

Amanda has been searching for over a year for a position as a travel agent

The gets worse, so General Motors shuts down a factory for four months, laying off workers. This is an example of:

Cyclical unemployment

Unemployment correlated with the business cycle is called:

Cyclical unemployment

The short-term unemployment caused by ordinary difficulties of matching employee to employer is called

Frictional unemployment

Which of the following is a case of cyclical unemployment?

Garrett lost his job after the company closed during last year's recession

Which of the following is the best example of frictional unemployment?

Heather recently graduated with her doctorate in economics. She is searching for a job that matches her skills.

Long-lasting unemployment benefits tend to:

Increase the rate of structural unemployment

Which of the following would be considered unemployed?

Janice, a senior in college, who started job hunting early in the hope that she would have secured a job by the time she graduates in May.

A country has 50 million people, 30 million of whom are adults. Of the adults, 5 million are not interested in working, another 5 million are interested in working but have given looking for work, and 5 million are still looking for work. Of those who do have jobs, 5 million are working part time but would like to work full time, and the remaining 10 million are working full time. How many workers does this country have?

No answer

The persistent, long-term unemployment caused by long-lasting shocks or permanent features of an economy is called:

Structural Unemployment

General Motors lays off 5,000 workers and replaces them with robots. The workers start looking for jobs outside the auto industry.

Structural unemployment

Which person is counted as unemployed?

a person out of work and actively searching for work

Anna Conda is in the Amazon on a vacation from her part-time job as a herpetologist at the Toronto Zoo. She would be classified as:

employed

The labor force is made up of:

employed and unemployed workers

People without jobs and not looking for work take a job when one is offered. The unemployment rate:

falls

Brighton Early is a student. He has no job outside of the home, but spends five hours each week on yard work. He is happy with his situation and is not looking for more work. He would be classified as:

out of the labor force

When people without jobs and not looking for work become encouraged and decide to start looking for work. The unemployment rate:

rises