Quiz 3
Employed, unemployed, or not in the labor force? Retired finance professor who last applied for work 10 weeks ago
not in the labor force
Employed, unemployed, or not in the labor force? Unpaid stay at home dad who has not looked for a job in years
not in the labor force
The labor force equals the
number of people employed plus the number of people unemployed
Amy is working part-time. Travis is on temporary layoff. Who is included in the Bureau of Labor Statistics' "employed" category?
only Amy
Employed, unemployed, or not in the labor force? Laid off fork lift operator expecting to be recalled
unemployed
Suppose that the adult population in the country of Atlantis is 115 million. If 80 million people are employed and 5 million are unemployed, then
115 - 85 = 30 million people are NOT IN the labor force
If the actual unemployment rate is 7% and the cyclical unemployment rate is 2%, then the natural rate of unemployment is:
5% cyclical unemployment rate + natural unemployment rate = actual unemployment rate
The adult population in the town of Shelbyville is 150 thousand. If 100 thousand people are employed and 20 thousand are unemployed, then the labor force participation rate is approximately
80%
Jenna is searching for a job that suits her tastes about where to live. Mary is looking for a job that makes best use of her skills.
Jenna and Mary are both frictionally unemployed
Karena was laid off, but she is expecting to be recalled. She has not looked for work since being laid off. Nathan is not employed, nor was he laid off. Who is counted as "unemployed" in the U.S. labor force statistics?
Kareena and Nathan if Nathan has looked for work during the previous four weeks
Suppose that some country had an adult population of about 25 million, a labor-force participation rate of 60 percent, and an unemployment rate of 6 percent. How many people were employed?
LFPR as a decimal = .6 .6 x 25 = 15 million in the labor force Unemployment rate as a decimal = .06 .06 x 15 = 0.9 million unemployed 15 - .9 = 14.1 million employed
Suppose that the adult population is 6 million, the number of employed is 3.8 million, and the labor-force participation rate is 70%. What is the unemployment rate?
LFPR as a decimal = .7 .7 x 6 = 4.2 million in the labor force 4.2 - 3.8 = .4 million unemployed .4/4.2 = 9.5% unemployment rate
Suppose that some country had an adult population of about 46 million, a labor-force participation rate of 75 percent, and an unemployment rate of 8 percent. How many people were employed?
LFPR as a decimal = .75 .75 x 46 = 34.5 million in the labor force Unemployment rate as a decimal = .08 .08 x 34.5 = 2.76 million unemployed 34.5 - 2.76 = 31.74 million employed
Which of the following is a requirement for the Bureau of Labor Statistics to place someone in the "unemployed" category?
The person must have tried to find employment during the previous four weeks.
Matilda just graduated from college. In order to devote all her efforts to college, she didn't hold a job. She is going to tour around the country on her motorcycle for a month before she starts looking for work. Other things the same, the unemployment rate
and the labor-force participation rate are both unaffected.
If an unemployed person quits looking for work, then, eventually the unemployment rate
and the labor-force participation rate both decrease.
Sirius has just finished high school and started looking for his first job, but has not yet found one. Other things the same, the unemployment rate
and the labor-force participation rate will both increase
Esmerelda worked parttime for her mother's business without pay. Tabitha was absent from work because she had strep throat. Who is counted as "employed" by the Bureau of Labor Statistics?
both Esmeralda and Tabitha
The deviation of unemployment from its natural rate is called
cyclical unemployment.
Employed, unemployed, or not in the labor force? College president
employed
Employed, unemployed, or not in the labor force? Full time physician's assistant
employed
Employed, unemployed, or not in the labor force? Manager of food store
employed
Employed, unemployed, or not in the labor force? Museum guard who wasn't at work last week due to illness
employed
Employed, unemployed, or not in the labor force? Self employed, full time wedding singer
employed
Employed, unemployed, or not in the labor force? Works for a bicycle store at age 70
employed
Employed, unemployed, or not in the labor force? part time welder who is actively looking for full time work
employed
Satchel loses his job and immediately begins looking for another. Other things the same, the unemployment rate
increases, and the labor force participation rate is unaffected
Sheamous loses his job and decides to sit on the beach rather than look for work during the next few months. Other things the same, the unemployment rate
increases, and the labor-force participation rate decreases
Employed, unemployed, or not in the labor force? Fired from his job and looked for work 3 weeks ago
unemployed
Anna recently graduated from college with a degree in electrical engineering, but she has not yet started working. To be counted as "unemployed" she
must have looked for work no more than four weeks ago.
Cyclical unemployment is a result of recessions and economic downturns and is not considered a part of the
natural rate of unemployment
The amount of unemployment that an economy normally experiences is called the
natural rate of unemployment.
The invention of the telegraph led to the loss of jobs for those who had delivered mail by horse but created jobs for telegraph operators and delivery persons. This is an example of
structural unemployment
Employed, unemployed, or not in the labor force? Has never been employed and looked for a job last week
unemployed