Exam 7: Unemployment

Use the following table to answer the next questions: Group \# in Millions Relevant population 243 Labor force 154 Not in labor force 89 Employed 142 Unemployed 12 -According to the table, the employment rate in this economy is equal to

The unemployment rate is the percentage of the

What is the difference between a discouraged worker and an underemployed worker? Why is it important to understand both of these worker categories in order to fully understand the employment situation in an economy?

During normal economic times, unemployment in Europe tends to be_______ than in the United States mainly because of _______ .

The invention of the Internet has reduced _______ unemployment because it allows for workers and employers to find each other more quickly.

Wes recently graduated from Penn State University and is in the process of finding a full-time job to start his career. He is currently considered to be unemployed because he is actively seeking employment. a. What type of unemployment is Wes experiencing? b. What is something the government can do to help limit this type of unemployment?

Katherine was laid off from her job 11 months ago. After searching for a job for months, Katherine gives up her job search because she feels there are no jobs available for her. Economists would classify Katherine as

Daniel, Steven, and Chris work as engineers in Connecticut. The demand for engineers starts to decline as their company's profits start to decrease during a recession. As a result, Daniel and Steven are laid off from their jobs. Daniel and Steven would be classified as

When the unemployment rate is equal to its natural rate-that is, no cyclical unemployment exists-the output level produced in the economy is

Which of the following statements about the composition of the labor force is correct?

Between 1960 and 2012, the average unemployment rate in the United States was about

Refer to the following scenario to answer the next questions. A government worker surveys a number of households and comes up with the following information: there were a total of 90 people in the households, 10 of the people were children under 16, 10 of the people were retired but still capable of working, 35 people had full-time jobs, 5 had part-time jobs, 5 were stay-at-home parents, 5 were full-time students over the age of 16, 5 were disabled people who could not work, 10 people had no job but were looking for jobs, and there were 5 people who wanted a job but were not looking for a job. -According to the information in the survey, the unemployment rate is

Thalia graduates from college and begins to look for a job. After two months she finds a job. This is an example of _______ unemployment.

Holding all else constant, if people who are currently discouraged workers decide to start looking for jobs again, you will see

Unemployment caused by delays in matching available jobs and workers is called _______unemployment.

What happened to the labor force participation rate for females between 1948 and 2015? What are some reasons for this trend?

Explain two shortcomings of using the official unemployment rate as an economic indicator.

Use the following table to answer the next questions: Group \#in Millions Relevant population ??? Labor force 179 Not in labor force 95 Employed ??? Unemployed 18 -According to the table, the relevant population is equal to

What would one expect to happen to the labor force participation rate if the following situations occurred? a. A large percentage of the workforce retires. b. The government begins to subsidize current workers who go back to school full-time to attain advanced degrees. c. The government offers a transfer payment to discouraged workers and to unemployed workers.

Jamal works in a factory in Lake Zurich, Illinois, assembling toy trains. The factory owner updates the current equipment and installs new robots that can do Jamal's job. As a result, Jamal is laid off and is now unemployed. Jamal would be considered