macro final: unemployment and labor force participation

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 up 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 people in this country are in the labor force?

20 million

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 up 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 this country's unemployment rate?

25%

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 up 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 this country's labor force participation rate?

66.7%

which of hte following is NOT true about strucutral unemployment

A. It is persistent over time. B. It is long-term in duration. C. It results from industry restructuring. D. CORRECT: It results from scarcity of information.

Which of the following would U.S. Bureau of Labor Statistics define as a discouraged worker?

Mary, who was laid off last year and who was looking for a full-time job until last month

as the baby boomers retire, the U.S. labor force participationr ate will:

decrease

an unemployed person is one who

does not have a job but is actively looking for one

Which of the following is apart of natural unemployment?

frictional and structural unemployment

Someone who recently moved to Florida because of its warmer climate will need to spend some time looking for a new job. This is an example of:

frictional unemployment

during recessions the unemployment rate

increases

which of the following is considered unemployed?

john, on a temporary layoff from his work, awaits recall

Structural Unemployment

persistent, long-term unemployment caused by long-lasting shocks or permanent features of an economy that make it more difficult for some workers to find jobs

minimum wage laws and unions tend to:

raise wages and raise unemployment

when workers lose their jobs and become officially unemployed, the labor force participation rate

remains constant

fricitional unemployment

short-term unemployment caused by difficulties of matching employees to employers

cyclical unemployment

unemployment correlated with the business cycle