Question 1

According to the accompanying labor data, the unemployment rate is _________ and the labor force participation rate is __________.

Accepted Answer

D

Question 2

What is the unemployment rate for a nation with 6 million employed and 2 million unemployed?

Accepted Answer

D

Question 3

An unemployed person is best defined as an adult who

Accepted Answer

An unemployed person is defined as someone who does not have a job but is actively looking for work. Option B describes someone who is underemployed, not unemployed. Option C describes someone who is not in the labor force, and option D describes someone who is discouraged and has given up looking for work.

Question 4

Which of the following best defines a nation's labor force?

Accepted Answer

A nation's labor force is defined as the total number of employed and unemployed persons, as these are the individuals who are currently actively participating in the job market. Option A includes individuals who may not be able or willing to work, such as students, retirees, and stay-at-home parents. Option C refers to employment status rather than labor force participation, and option D describes individuals who are not part of the labor force.

Question 5

Adults who do not have a job but who are looking for work are

Accepted Answer

Adults who do not have a job but who are actively seeking employment are considered unemployed. Option B is incorrect because individuals who are not actively seeking employment are also not considered part of the labor force. Option C is incorrect because there is no indication that these individuals are unwilling to accept employment.

Question 6

When workers lose their jobs and become officially unemployed, the number of people in the labor force

Accepted Answer

The answer of When workers lose their jobs and become...

Question 7

Which of the following individuals can be counted as unemployed?

Accepted Answer

To be counted as unemployed, individuals must be actively seeking work and available to work. None of the individuals in the options meet these criteria.

Question 8

A country has 24 million people in the labor force and 21.5 million of them are employed. What is the unemployment rate in this country?

Accepted Answer

Unemployment rate = (number of unemployed / labor force) x 100
Number of unemployed = Labor force - number of employed 
Number of unemployed = 24 million - 21.5 million = 2.5 million
Unemployment rate = (2.5 million / 24 million) x 100 = 10.4 percent

Question 9

The percentage of adults in the labor force is the

Accepted Answer

The labor force participation rate measures the percentage of adults in the working age population who are either employed or actively seeking employment. It is calculated by dividing the number of people in the labor force (employed or seeking employment) by the total working age population. Therefore, option C is the correct answer. The unemployment rate measures the percentage of individuals who are unemployed but actively seeking employment, while the employment rate measures the percentage of individuals who are currently employed. Option A and B are incorrect. Option D is not a commonly used term when discussing labor force statistics.

Question 10

Why is the unemployment rate considered to be an incomplete indicator of the health of the labor market? I. because it does not measure how well people are matched to the jobs they do II. because the definition of discouraged workers is not clear III. because it does not correctly define the adult population

Accepted Answer

The unemployment rate does not account for job matching quality and does not clearly define discouraged workers, but it does correctly define the adult population.

Question 11

The labor force includes persons who are I. in prison. II. recently laid off and have given up looking for work. III. unemployed.

Accepted Answer

The labor force only includes people who are currently employed or unemployed and actively seeking work, which is represented by option III. People in prison cannot be a part of the labor force, since they are not available for work. Option II is incorrect because people who are recently laid off and have given up looking for work are no longer actively seeking employment and are therefore not considered a part of the labor force.

Question 12

Which of the following individuals can be counted as part of the labor force?

Accepted Answer

The labor force includes individuals who are either employed or actively seeking employment. Someone collecting unemployment benefits is typically actively seeking work and thus part of the labor force.

Question 13

When workers lose their jobs and become officially unemployed, the unemployment rate

Accepted Answer

When workers lose their jobs and become officially unemployed, the number of unemployed individuals increases, and therefore the unemployment rate increases as well.

Question 14

Which of the following individuals can be counted as unemployed?

Accepted Answer

A man who was laid off from an auto manufacturing plant in Detroit is considered unemployed because he is not currently working and is likely seeking employment.

Question 15

What is the term for workers who have given up looking for a job but would still like one?

Accepted Answer

The term for workers who have given up looking for a job but would still like one is "discouraged workers". The other options may refer to different types of job status, but not specifically to workers who have stopped actively seeking employment.

Question 16

Which of the following individuals can be counted as unemployed?

Accepted Answer

Unemployment is defined as individuals who are actively seeking work but are unable to find it. A child, a student, and a stay-at-home mom are not considered part of the labor force actively seeking employment.

Question 17

Which of the following is an example of an unemployed person?

Accepted Answer

An unemployed person is someone who is willing and able to work but is not employed. Option A is a retired person who may work as a volunteer, but is not seeking employment. Option B is someone who is currently employed but seeking more hours. Option D is a student who may have a job but is not primarily seeking employment. Option C is a recent graduate who is actively seeking employment but has not yet secured a job.

Question 18

In a country, where both the labor force participation rate and the unemployment rate are very low, which of the following answers explains why this may be the case?

Accepted Answer

If a significant portion of the population is aged and has retired, this would explain why the labor force participation and unemployment rates are low. However, if the population consisted largely of children, this would lower the labor force participation rate but not necessarily the unemployment rate. Option C is incorrect because if a large percentage of the population was actually unemployed, this would raise the unemployment rate rather than keep it low. Option D is incorrect because one of the given options provides a plausible explanation.

Question 19

What population categories go into the formula for the unemployment rate?

Accepted Answer

The unemployment rate is calculated by dividing the number of unemployed individuals by the total number of people in the labor force, which includes both the unemployed and employed.

Question 20

The labor force is made up of

Accepted Answer

The labor force is made up of both employed workers and unemployed workers who are actively seeking employment. Option A is incorrect as institutionalized individuals and military personnel are not considered part of the labor force. Option C is incorrect as it includes students who are not looking for work. Option D is partially correct as it includes all adult non-institutionalized civilians, but not all of them are part of the labor force as some may not be working or seeking work.

Quiz 28: Growth, Capital Accumulation, and the Economics of Ideas: Catching up Vs the Cutting Edge

According to the accompanying labor data, the unemployment rate is _ and the labor force participation rate is __.

What is the unemployment rate for a nation with 6 million employed and 2 million unemployed?

An unemployed person is best defined as an adult who

Which of the following best defines a nation's labor force?

Adults who do not have a job but who are looking for work are

When workers lose their jobs and become officially unemployed, the number of people in the labor force

Which of the following individuals can be counted as unemployed?

A country has 24 million people in the labor force and 21.5 million of them are employed. What is the unemployment rate in this country?

The percentage of adults in the labor force is the

The labor force includes persons who are I. in prison. II. recently laid off and have given up looking for work. III. unemployed.

Which of the following individuals can be counted as part of the labor force?

When workers lose their jobs and become officially unemployed, the unemployment rate

Which of the following individuals can be counted as unemployed?

What is the term for workers who have given up looking for a job but would still like one?

Which of the following individuals can be counted as unemployed?

Which of the following is an example of an unemployed person?

In a country, where both the labor force participation rate and the unemployment rate are very low, which of the following answers explains why this may be the case?

What population categories go into the formula for the unemployment rate?

The labor force is made up of