Question 1

Joe has been unable to find a job because he lacks the necessary computer skills.Joe is

Accepted Answer

A) frictionally unemployed. 
B) structurally unemployed. 
C) educationally unemployed. 
D) cyclically unemployed. 
E) skill-set unemployed. 
A) frictionally unemployed. 
B) structurally unemployed. 
C) educationally unemployed. 
D) cyclically unemployed. 
E) skill-set unemployed.

Question 2

Explain the relationship between real GDP and potential GDP and between the unemployment rate and the natural unemployment rate as the economy moves through a business cycle.

Accepted Answer

Potential GDP is the level of GDP when t

Question 3

The natural unemployment rate is

Accepted Answer

A) equal to the sum of frictional,cyclical,and seasonal unemployment. 
B) not known with certainty. 
C) equal to zero. 
D) the same for all industrialized countries. 
E) equal to the sum of frictional,structural,and cyclical unemployment. 
A) equal to the sum of frictional,cyclical,and seasonal unemployment. 
B) not known with certainty. 
C) equal to zero. 
D) the same for all industrialized countries. 
E) equal to the sum of frictional,structural,and cyclical unemployment.

Question 4

Phillip is a 22-year old who has no job and is available for work,but has not actively looked for a job in the last month.The Current Population Survey identifies Phillip as ________,________ the labor force,and ________ the working-age population.

Accepted Answer

A) unemployed;part of;part of 
B) unemployed;part of;not part of 
C) not unemployed;not part of;part of 
D) not unemployed;not part of;not part of 
E) not unemployed;part of;part of 
A) unemployed;part of;part of 
B) unemployed;part of;not part of 
C) not unemployed;not part of;part of 
D) not unemployed;not part of;not part of 
E) not unemployed;part of;part of

Question 5

People who are working up to 34 hours per week but would like to work more are considered

Accepted Answer

A) involuntary part-time workers. 
B) discouraged workers. 
C) job leavers. 
D) job seekers. 
E) unemployed. 
A) involuntary part-time workers. 
B) discouraged workers. 
C) job leavers. 
D) job seekers. 
E) unemployed.

Question 6

Julie works part-time for economic reasons.She would be considered

Accepted Answer

A) an involuntary part-time worker. 
B) a discouraged worker. 
C) a job seeker. 
D) not in the labor force. 
E) unemployed as calculated by the Bureau of Labor statistics. 
A) an involuntary part-time worker. 
B) a discouraged worker. 
C) a job seeker. 
D) not in the labor force. 
E) unemployed as calculated by the Bureau of Labor statistics.

Question 7

The natural unemployment rate occurs

Accepted Answer

A) at the full employment level of unemployment. 
B) when the structural unemployment rate equals zero. 
C) when the frictional unemployment rate equals zero. 
D) when the sum of frictional and structural unemployment equals zero. 
E) when the unemployment rate equals zero. 
A) at the full employment level of unemployment. 
B) when the structural unemployment rate equals zero. 
C) when the frictional unemployment rate equals zero. 
D) when the sum of frictional and structural unemployment equals zero. 
E) when the unemployment rate equals zero.

Question 8

-From the table above,which gives data about the U.S.labor market in 1933,the labor force is

Accepted Answer

A) 48 million. 
B) 60 million. 
C) 65 million. 
D) 100 million. 
E) 12 million. 
A) 48 million. 
B) 60 million. 
C) 65 million. 
D) 100 million. 
E) 12 million.

Question 9

During a recession,the unemployment rate ________ and the percentage of part-time workers who are involuntary part-time workers ________.

Accepted Answer

A) rises;rises 
B) rises;falls 
C) falls;rises 
D) falls;falls 
E) rises;does not change 
A) rises;rises 
B) rises;falls 
C) falls;rises 
D) falls;falls 
E) rises;does not change

Question 10

-In the table above,the number of unemployed people is

Accepted Answer

A) 2,000. 
B) 1,000. 
C) 1,100. 
D) 11,000. 
E) 3,000. 
A) 2,000. 
B) 1,000. 
C) 1,100. 
D) 11,000. 
E) 3,000.

Question 11

Suppose the working-age population is 500 million,the labor force is 200 million,and the unemployment rate is 15 percent.The number of unemployed people is

Accepted Answer

A) 30 million. 
B) 75 million. 
C) 45 million. 
D) 105 million. 
E) 15 million. 
A) 30 million. 
B) 75 million. 
C) 45 million. 
D) 105 million. 
E) 15 million.

Question 12

For twenty years,Jim was a customer service representation at a call center in Minnesota.In order to save money,his firm moved the call center to India and laid off Jim two years ago.Jim has been unable to find a similar job anywhere.Jim's unemployment is best classified as

Accepted Answer

A) cyclical. 
B) transported. 
C) structural. 
D) frictional. 
E) competitive. 
A) cyclical. 
B) transported. 
C) structural. 
D) frictional. 
E) competitive.

Question 13

Structural unemployment usually lasts ________ period of time ________ unemployment

Accepted Answer

A) a longer;than frictional 
B) a shorter;than frictional 
C) a shorter;than seasonal 
D) a shorter;than cyclical 
E) the same;as cyclical 
A) a longer;than frictional 
B) a shorter;than frictional 
C) a shorter;than seasonal 
D) a shorter;than cyclical 
E) the same;as cyclical

Question 14

The average duration of unemployment

Accepted Answer

A) decreases during recessions and increases during expansions. 
B) increases during recessions and decreases during expansions. 
C) does not vary with the business cycle. 
D) decreases all the time. 
E) increases all the time. 
A) decreases during recessions and increases during expansions. 
B) increases during recessions and decreases during expansions. 
C) does not vary with the business cycle. 
D) decreases all the time. 
E) increases all the time.

Question 15

Rick lost his job as a logistics and distribution coordinator nearly three years ago.After a long and failed search,Rick finally gives up and stops looking for a new job.Rick's decision to suspend his job search causes the unemployment rate to ________ and the labor force participation rate to ________.

Accepted Answer

A) increase;decrease 
B) decrease;decrease 
C) stay the same;decrease 
D) increase;stay the same 
E) increase;increase 
A) increase;decrease 
B) decrease;decrease 
C) stay the same;decrease 
D) increase;stay the same 
E) increase;increase

Question 16

Potential GDP is the level of output produced when the unemployment rate is

Accepted Answer

A) equal to the natural unemployment rate. 
B) greater than the natural unemployment rate. 
C) less than the natural unemployment rate. 
D) zero. 
E) made up of only cyclical unemployment. 
A) equal to the natural unemployment rate. 
B) greater than the natural unemployment rate. 
C) less than the natural unemployment rate. 
D) zero. 
E) made up of only cyclical unemployment.

Question 17

The purpose of the Current Population Survey is to determine the

Accepted Answer

A) number of people in the population. 
B) employment status of the population. 
C) age structure of the population. 
D) income level of the population. 
E) prices consumers pay for the goods and services they buy. 
A) number of people in the population. 
B) employment status of the population. 
C) age structure of the population. 
D) income level of the population. 
E) prices consumers pay for the goods and services they buy.

Question 18

The unemployment rate equals 100 multiplied by the

Accepted Answer

A) number of people unemployed divided by the labor force. 
B) number of people unemployed divided by the population. 
C) number of people unemployed divided by the number of people employed. 
D) labor force divided by the number of people unemployed. 
E) number of people unemployed divided by the working-age population. 
A) number of people unemployed divided by the labor force. 
B) number of people unemployed divided by the population. 
C) number of people unemployed divided by the number of people employed. 
D) labor force divided by the number of people unemployed. 
E) number of people unemployed divided by the working-age population.

Question 19

During a recession the unemployment rate generally ________ and during an expansion the unemployment rate generally ________.

Accepted Answer

A) rises;falls 
B) rises;rises 
C) falls;rises 
D) rises;does not change 
E) does not change;falls 
A) rises;falls 
B) rises;rises 
C) falls;rises 
D) rises;does not change 
E) does not change;falls

Question 20

If the working age population is 200 million,150 million are employed,and 6 million are unemployed,the unemployment rate is

Accepted Answer

A) 3.0 percent. 
B) 25.0 percent. 
C) 4.0 percent. 
D) 12.0 percent. 
E) 3.8 percent. 
A) 3.0 percent. 
B) 25.0 percent. 
C) 4.0 percent. 
D) 12.0 percent. 
E) 3.8 percent.

Joe has been unable to find a job because he lacks the necessary computer skills.Joe is

Explain the relationship between real GDP and potential GDP and between the unemployment rate and the natural unemployment rate as the economy moves through a business cycle.

The natural unemployment rate is

Phillip is a 22-year old who has no job and is available for work,but has not actively looked for a job in the last month.The Current Population Survey identifies Phillip as , the labor force,and the working-age population.

People who are working up to 34 hours per week but would like to work more are considered

Julie works part-time for economic reasons.She would be considered

The natural unemployment rate occurs

-From the table above,which gives data about the U.S.labor market in 1933,the labor force is

During a recession,the unemployment rate and the percentage of part-time workers who are involuntary part-time workers .

-In the table above,the number of unemployed people is

Suppose the working-age population is 500 million,the labor force is 200 million,and the unemployment rate is 15 percent.The number of unemployed people is

For twenty years,Jim was a customer service representation at a call center in Minnesota.In order to save money,his firm moved the call center to India and laid off Jim two years ago.Jim has been unable to find a similar job anywhere.Jim's unemployment is best classified as

Structural unemployment usually lasts period of time unemployment

The average duration of unemployment

Rick lost his job as a logistics and distribution coordinator nearly three years ago.After a long and failed search,Rick finally gives up and stops looking for a new job.Rick's decision to suspend his job search causes the unemployment rate to and the labor force participation rate to .

Potential GDP is the level of output produced when the unemployment rate is

The purpose of the Current Population Survey is to determine the

The unemployment rate equals 100 multiplied by the

During a recession the unemployment rate generally and during an expansion the unemployment rate generally .

If the working age population is 200 million,150 million are employed,and 6 million are unemployed,the unemployment rate is

Getting Started

The Usand Global Economies

The Economic Problem

Demand and Supply

Elasticities of Demand and Supply

Efficiency and Fairness of Markets

Government Actions in Markets

Global Markets in Action

Externalities: Pollution, education, and Health Care

Production and Cost

Perfect Competition

Monopoly

Monopolistic Competition and Oligopoly

Gdp: a Measure of Total Production and Income

The Cpi and the Cost of Living

Potential Gdp and Economic Growth

Money and the Monetary System

Aggregate Supply and Aggregate Demand

Fiscal Policy and Monetary Policy

Filters

Exam 15: Jobs and Unemployment

Joe has been unable to find a job because he lacks the necessary computer skills.Joe is

Explain the relationship between real GDP and potential GDP and between the unemployment rate and the natural unemployment rate as the economy moves through a business cycle.

The natural unemployment rate is

Phillip is a 22-year old who has no job and is available for work,but has not actively looked for a job in the last month.The Current Population Survey identifies Phillip as ________,________ the labor force,and ________ the working-age population.

People who are working up to 34 hours per week but would like to work more are considered

Julie works part-time for economic reasons.She would be considered

The natural unemployment rate occurs

-From the table above,which gives data about the U.S.labor market in 1933,the labor force is

During a recession,the unemployment rate ________ and the percentage of part-time workers who are involuntary part-time workers ________.

-In the table above,the number of unemployed people is

Suppose the working-age population is 500 million,the labor force is 200 million,and the unemployment rate is 15 percent.The number of unemployed people is

For twenty years,Jim was a customer service representation at a call center in Minnesota.In order to save money,his firm moved the call center to India and laid off Jim two years ago.Jim has been unable to find a similar job anywhere.Jim's unemployment is best classified as

Structural unemployment usually lasts ________ period of time ________ unemployment

The average duration of unemployment

Potential GDP is the level of output produced when the unemployment rate is

The purpose of the Current Population Survey is to determine the

The unemployment rate equals 100 multiplied by the

During a recession the unemployment rate generally ________ and during an expansion the unemployment rate generally ________.

If the working age population is 200 million,150 million are employed,and 6 million are unemployed,the unemployment rate is

Getting Started

The Usand Global Economies

The Economic Problem

Demand and Supply

Elasticities of Demand and Supply

Efficiency and Fairness of Markets

Government Actions in Markets

Global Markets in Action

Externalities: Pollution, education, and Health Care

Production and Cost

Perfect Competition

Monopoly

Monopolistic Competition and Oligopoly

Gdp: a Measure of Total Production and Income

The Cpi and the Cost of Living

Potential Gdp and Economic Growth

Money and the Monetary System

Aggregate Supply and Aggregate Demand

Fiscal Policy and Monetary Policy

Filters

Phillip is a 22-year old who has no job and is available for work,but has not actively looked for a job in the last month.The Current Population Survey identifies Phillip as , the labor force,and the working-age population.

During a recession,the unemployment rate and the percentage of part-time workers who are involuntary part-time workers .

Structural unemployment usually lasts period of time unemployment

During a recession the unemployment rate generally and during an expansion the unemployment rate generally .