econ chapter 11
Suppose an economy has 10 million unemployed workers, _____ million employed workers, and 70 million adults who do not participate in the labor force. The labor force participation rate for this economy is 67.4 percent
135 [(10 + 135) ÷ (10 + 135 + 70)] × 100 = 67.4 percent
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 mill
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
According to data from the Bureau of Labor Statistics, approximately what percentage of unemployed workers in 2010 were unemployed for less than or equal to 14 weeks?
39%
If the number of unemployed is _____ million and the number of employed is 60 million, then the unemployment rate is 6.25 percent.
4 [4 ÷ (4 + 60)] × 100 = 6.25 percent.
What is the unemployment rate in this market as a result of the implementation of a $10 minimum wage?
50
Imagine that a country has 170.2 million people employed, 12 million people unemployed, and 4.3 million people in prison. What is the country's unemployment rate?
6.6% [(12) ÷ (12 + 170.2)] × 100 = 6.6%.
What is the number of people who are employed at the market wage? How many people end up unemployed due to the implementation of a $10 minimum wage?
60; 40
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
Suppose an economy has 13.5 million unemployed workers, 143.7 million employed workers, and _____ million adults who do not participate in the labor force. The labor force participation rate for this economy is 68.26 percent.
73.1 [(13.5 + 143.7) ÷ (13.5 + 143.7 + 73.1)] × 100 = 68.26 percent.
How does faster growth in real GDP affect unemployment?
Faster growth in real GDP decreases unemployment. Unemployment tends to fall when growth is above average, and it tends to rise when growth is below average.
Which statement is FALSE? Please choose the correct answer from the following choices, and then select the submit answer button. The choice to work can be influenced by taxes on workers and benefits paid to non-workers. The labor force participation rate is equal to [(unemployed + employed) ÷ adult population] × 100. A natural response to rising life expectancies and better health at older ages is later retirement. If there are 190 million employed adults and 20 million unemployed adults, then with 400 million adult, non-institutionalized civilians, the labor force participation rate is 60 percent.
If there are 190 million employed adults and 20 million unemployed adults, then with 400 million adult, non-institutionalized civilians, the labor force participation rate is 60 percent.
Which of the following is NOT true of structural unemployment?
It results from scarcity of information.
Which of the following is considered unemployed?
John, on temporary layoff from his work, awaits recall.
Which of the following would the 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
Which statement is TRUE? Please choose the correct answer from the following choices, and then select the submit answer button. Answer choicesThe people born during the high birthrate years from 1946 to 1964 are known as generation Y.The labor force participation rate is equal to [(unemployed + employed) ÷ adult population] × 100.Cultural factors cannot influence the labor force participation rate.If the labor force is 154.3 million of 238.1 million non-institutionalized civilian adults, the unemployment rate is 64.8 percent.
The labor force participation rate is equal to [(unemployed + employed) ÷ adult population] × 100.
Which is FALSE? Please choose the correct answer from the following choices, and then select the submit answer button. Answer choicesThe civilian, non-institutionalized population contains adults not in the labor force and those in the labor force.Full-time students not currently looking for work are not counted as unemployed.The unemployment rate includes part-time workers who would rather have a full-time position and discouraged workers.To be considered unemployed, one must not have a job and be looking for work.
The unemployment rate includes part-time workers who would rather have a full-time position and discouraged workers.
Which is FALSE? Please choose the correct answer from the following choices, and then select the submit answer button. Answer choicesThe unemployment rate is the percentage of the labor force without a job.Discouraged workers are workers who have given up looking for work but who would still like a job.The labor force is made up of employed and unemployed people.We count someone as unemployed if and only if he or she is willing and able to work and is not looking but can't find a job.
We count someone as unemployed if and only if he or she is willing and able to work and is not looking but can't find a job.
between 1970 and 2005, female participation in professional degree programs shot up to:
between 40 percent and 50 percent of all students
Which of the following is NOT part of natural unemployment?
cyclical unemployment
Unemployment correlated with the business cycle is called:
cyclical unemployment.
As the baby boomers retire, the U.S. labor force participation rate will
decrease
An unemployed person is one who
does not have a job but is actively looking for one.
The __________ says that an employee may quit and an employer may fire an employee at any time for any reason.
employment-at-will doctrine
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
The percentage of non-institutionalized civilian adults who are either working or looking for work is the
labor force participation rate.
Employment protection laws have all of these effects except: Please choose the correct answer from the following choices, and then select the submit answer button. Answer choicesoffering greater job security for workers with a full-time job.making labor markets more flexible and dynamic.increasing the duration of unemployment.increasing the unemployment rates among "risky" workers.
making labor markets more flexible and dynamic.
The wage such that one-half of workers earn wages above it and one-half of workers earn wages below it is the:
median wage.
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
Frictional unemployment is best defined as:
short-term unemployment caused by difficulties of matching employees to employers.
The persistent, long-term unemployment caused by long-lasting shocks or permanent features of an economy is called:
structural unemployment
Unemployment that is persistent and long-term is probably:
structural unemployment
A natural response to rising life expectancies and better health at older ages is later retirement.
true
Adults who do not have a job but are looking for work are:
unemployed workers.