chapter 15 quiz economics

The total labor force is 100,000 out of a possible working age population of 160,000. The total number of unemployed is 8,000. What is the unemployment rate?

8 percent.

Suppose there are 81.0 million people not in the labor force; 154.0 million in the civilian laborforce, and 140.9 million employed.Based on these numbers, what is the unemployment rate?

8.5

Which of the following people would be considered unemployed?

A woman who has quit college to move to New York where she is looking for a modeling job

News Story: Workers at a car-manufacturing plant in Flint, Michigan are laid off because the economy is weak and GM cars are not selling well. GM isn't sure when the plant willreopen. What type of unemployment describes the workers' situation?

Cyclical unemployment

What effect will including discouraged workers have on the unemployment rate?

Raise it because there are always discouraged workers.

Which of the following is a statement Keynesians would likely make?

Structural and cyclical unemployment are more common than frictional unemployment.

When people stop looking for work, because they cannot find a job but still want a job, they'recalled:

discouraged workers.

The number of people over age 16 in an economy willing and able to work, is known as the:

labor force.

People who work part-time, or have a full-time job that doesn't use all their skills, are included in:

the underemployed.

The unemployment rate is the number of people:

without a job and looking for work divided by the labor force.