Unemployment

The working-age population is defined as the total number of people over the age of __________ who are not in jail, a hospital, the military or institutional care.

16

During the Great Depression the U.S. unemployment rate spiked as high as

25 percent

A person is considered to be a full-time worker if they work __________ hours a week or more.

35

Which of these factors can change the natural unemployment rate?

Demographic changes

When the economy is at full employment, which types of unemployment remain?

Frictional and structural

Which of these scenarios would most likely be considered a structural change that impacted employment?

The invention and widespread use of the Internet.

Which of these groups is included in the labor force?

The unemployed

During recessions unemployment increases. This type of unemployment is known as

cyclical unemployment

Since the year 2000, the labor force participation rate for men __________ and the labor force participation rate for women __________.

decreased; decreased

The short-term unemployment that arises from workers in the process of changing jobs is called

frictional unemployment

The unemployment that occurs with the normal workings of the economy, such as workers taking time to search for suitable jobs and firms taking time to search for qualified employees, is called

frictional unemployment

When the unemployment rate is lower than the natural rate, the output gap is

positive

The output gap is the difference between

potential GDP and actual GDP

At any given time around one-third of the working-age population is not considered to be in the labor force. Most of these individuals are

retired or full-time students

Unemployment arising from a persistent mismatch between the skills and characteristics of workers and job requirements is called

structural unemployment

The natural unemployment rate is the

unemployment rate that results when the economy produces the potential level of real GDP

The labor force as a percentage of the working-age population is the

labor force participation rate

The unemployment rate is defined as the percentage of people in the

labor force who are unemployed

Which of these persons is officially unemployed?

A non-working individual who has looked for a job in the past week

When the economy is at the natural rate unemployment, the economy

is at full employment

Suppose you are available for work but have not looked for a job for at least the last four weeks because you believe that no jobs are available. You would then be counted as

a discouraged worker

At full employment,

cyclical unemployment is zero

Marginally attached workers are individuals that do not have a job, are available and willing to work,

have not looked for one in the previous four weeks but has looked for work sometime in the recent past

The unemployment rate in the Eurozone is usually __________ than the unemployment rate in the United States, partly because the Eurozone has __________ unemployment benefits and __________ regulated labor markets.

higher, higher, more