Question 1

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

Question 2

To be considered unemployed, a worker must have had

Accepted Answer

A)  no employment during the week before the survey and be actively looking for a job.
B)  part-time employment while actively looking for a full-time job.
C)  no employment during the week before the survey and be actively looking for a job while a student.
D)  no employment during the day before the survey and be actively looking for a job.
E)  Both answers A and B are correct.

Question 3

Assume the U.S. population is 300 million. If 200 million people are of working age, 125 million are employed, and 15 million are unemployed, what is the size of the labor force?

Accepted Answer

A)  200 million
B)  140 million
C)  125 million
D)  215 million
E)  175 million

Question 4

Potential GDP is

Accepted Answer

A)  the value of the maximum amount of output that can be produced at any given time.
B)  the amount of real GDP that the economy would produce if it were at full employment of all resources.
C)  another name for real GDP.
D)  the amount of real GDP that the economy would produce if the unemployment rate was zero.
E)  the amount of real GDP that the economy would produce if all unemployment was cyclical unemployment.

Question 5

Tommy graduates from college and starts to look for a job. Tommy is

Accepted Answer

A)  frictionally unemployed.
B)  structurally unemployed.
C)  cyclically unemployed.
D)  unnecessarily unemployed.
E)  employed because he is looking for work.

Question 6

Discouraged workers and marginally attached workers are

Accepted Answer

A)  counted as employed by the BLS but are not part of the labor force.
B)  counted as employed by the BLS and are part of the labor force.
C)  counted as unemployed by the BLS and are part of the labor force.
D)  not part of the labor force.
E)  counted as unemployed by the BLS but are not part of the labor force.

Question 7

Producing an amount of GDP equal to potential GDP is most consistent with the economy producing

Accepted Answer

A)  on the production possibilities frontier.
B)  within the production possibilities frontier.
C)  beyond the production possibilities frontier.
D)  either on or within the production possibilities frontier.
E)  either on or beyond the production possibilities frontier.

Question 8

How does the Current Population Survey determine if a person should be counted in the labor force?

Accepted Answer

To be in the labor force, a person must ...

Question 9

Which of the following people would be classified as employed in the Current Population Survey?

Accepted Answer

A)  Rich, who is working 20 hours a week but wants a full-time job
B)  Misty, who just quit her job to return full time to school
C)  April, who just graduated from college and is looking for work
D)  Jason, who was laid off from work less than 6 months ago but who has stopped looking for work
E)  Laura, who is unpaid but is working 10 hours a week in the family business she and her husband run

Question 10

Explain how the labor force participation rate, the unemployment rate, and the percentage of the labor force employed part time change in a recession.

Accepted Answer

The labor force participation rate tends...

Question 11

During an expansion, the unemployment rate generally

Accepted Answer

A)  rises.
B)  falls.
C)  is not affected.
D)  is, by definition, below 5 percent.
E)  is higher than during a recession.

Question 12

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

Question 13

The highest unemployment rate in U.S. history was about

Accepted Answer

A)  10.2 percent in 2009.
B)  5.9 percent in 1972.
C)  10 percent in 1982.
D)  25 percent in 1933.
E)  52 percent in 1939.

Question 14

Category  Number of people  (millions)   Total population 250 Less than 16years of age 30 Institutionalized 15 Part-time workers 20 Full-time workers 145 Looking for work in the past 4 weeks 10 In U.S. Armed Forces 10\begin{array} { l c } { 	ext { Category } } & \begin{array} { c } 	ext { Number of people } \	ext { (millions)  }\end{array} \\hline 	ext { Total population } & 250 \	ext { Less than 16years of age } & 30 \	ext { Institutionalized } & 15 \	ext { Part-time workers } & 20 \	ext { Full-time workers } & 145 \	ext { Looking for work in the past 4 weeks } & 10 \	ext { In U.S. Armed Forces } & 10 \\hline\end{array} Category  Total population  Less than 16years of age  Institutionalized  Part-time workers  Full-time workers  Looking for work in the past 4 weeks  In U.S. Armed Forces ​ Number of people  (millions)  ​2503015201451010​​ 
-Using the table above, the number of people in the labor force is

Accepted Answer

A)  145 million.
B)  165 million.
C)  175 million.
D)  195 million.
E)  185 million.

Question 15

Which of the following would be considered a marginally attached worker?
i. Lou, who worked 15 hours unpaid at her mother's store last month
ii. Sylvia, who is not working and hasn't looked for work in 3 months
iii. Meredith, who is no longer working after taking early retirement from her employer

Accepted Answer

A)  i and iii
B)  i and ii
C)  i only
D)  ii only
E)  i, ii and iii

Question 16

Suppose that Mel (who is 27) is not working, but looked for a job as recently as 2 months ago. Mel would like a job and he is available for work. He is considered

Accepted Answer

A)  unemployed.
B)  a member of the labor force and unemployed.
C)  a member of the labor force, but not unemployed.
D)  a member of the working-age population.
E)  a marginally attached worker.

Question 17

If the number of employed people is 150 million, the number of unemployed people is 50 million, and the working-age population equals 285 million people, the labor force participation rate is

Accepted Answer

A)  70.2 percent.
B)  81 percent.
C)  17.5 percent.
D)  25 percent.
E)  52.6 percent.

Question 18

Which of the following people would be considered unemployed?

Accepted Answer

A)  Sam, a part-time worker who wishes to work full time
B)  Pat, who gave up looking for a job because he was discouraged about his job prospects
C)  Victoria, who does not have a job and has been actively searching for work, but turned down a job paying less than she desired
D)  Shirley, who is working but expects to be laid off at the end of the month
E)  Bobby, a full-time student in his last term before he graduates and who has not yet started to look for a job

Question 19

Potential GDP is reached when

Accepted Answer

A)  unemployment is zero.
B)  there is no cyclical unemployment.
C)  unemployment is above full employment.
D)  unemployment is below full employment.
E)  the natural unemployment rate equals zero.

Question 20

Full employment occurs when

Accepted Answer

A)  structural unemployment is zero.
B)  cyclical unemployment is zero.
C)  frictional unemployment is zero.
D)  structural and frictional unemployment are zero.
E)  the unemployment rate equals zero.

Exam 15: Jobs and Unemployment

To be considered unemployed, a worker must have had

Correct Answer
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Which of the following people would be classified as employed in the Current Population Survey?

Correct Answer
verified

Potential GDP is

Correct Answer
verified

The highest unemployment rate in U.S. history was about

Correct Answer
verified

Producing an amount of GDP equal to potential GDP is most consistent with the economy producing

Correct Answer
verified

Tommy graduates from college and starts to look for a job. Tommy is

Correct Answer
verified

Structural unemployment usually lasts period of time unemployment

Correct Answer
verified

Which of the following would be considered a marginally attached worker? i. Lou, who worked 15 hours unpaid at her mother's store last month ii. Sylvia, who is not working and hasn't looked for work in 3 months iii. Meredith, who is no longer working after taking early retirement from her employer

Correct Answer
verified

During an expansion, the unemployment rate generally

Correct Answer
verified

Assume the U.S. population is 300 million. If 200 million people are of working age, 125 million are employed, and 15 million are unemployed, what is the size of the labor force?

Correct Answer
verified

Discouraged workers and marginally attached workers are

Correct Answer
verified

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.

Correct Answer
verified

If the number of employed people is 150 million, the number of unemployed people is 50 million, and the working-age population equals 285 million people, the labor force participation rate is

Correct Answer
verified

Which of the following people would be considered unemployed?

Correct Answer
verified

How does the Current Population Survey determine if a person should be counted in the labor force?

Correct Answer
verified
To be in the labor force, a person must ...
View Answer

Explain how the labor force participation rate, the unemployment rate, and the percentage of the labor force employed part time change in a recession.

Correct Answer
verified
The labor force participation rate tends...
View Answer

Potential GDP is reached when

Correct Answer
verified

Suppose that Mel (who is 27) is not working, but looked for a job as recently as 2 months ago. Mel would like a job and he is available for work. He is considered

Correct Answer
verified

Full employment occurs when

Correct Answer
verified

Correct Answer
verified

Exam 15: Jobs and Unemployment

To be considered unemployed, a worker must have had

Correct AnswerverifiedShow Answer

Which of the following people would be classified as employed in the Current Population Survey?

Correct AnswerverifiedShow Answer

Potential GDP is

Correct AnswerverifiedShow Answer

The highest unemployment rate in U.S. history was about

Correct AnswerverifiedShow Answer

Producing an amount of GDP equal to potential GDP is most consistent with the economy producing

Correct AnswerverifiedShow Answer

Tommy graduates from college and starts to look for a job. Tommy is

Correct AnswerverifiedShow Answer

Structural unemployment usually lasts ________ period of time ________ unemployment

Correct AnswerverifiedShow Answer

Which of the following would be considered a marginally attached worker? i. Lou, who worked 15 hours unpaid at her mother's store last month ii. Sylvia, who is not working and hasn't looked for work in 3 months iii. Meredith, who is no longer working after taking early retirement from her employer

Correct AnswerverifiedShow Answer

During an expansion, the unemployment rate generally

Correct AnswerverifiedShow Answer

Assume the U.S. population is 300 million. If 200 million people are of working age, 125 million are employed, and 15 million are unemployed, what is the size of the labor force?

Correct AnswerverifiedShow Answer

Discouraged workers and marginally attached workers are

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

If the number of employed people is 150 million, the number of unemployed people is 50 million, and the working-age population equals 285 million people, the labor force participation rate is

Correct AnswerverifiedShow Answer

Which of the following people would be considered unemployed?

Correct AnswerverifiedShow Answer

How does the Current Population Survey determine if a person should be counted in the labor force?

Correct AnswerverifiedTo be in the labor force, a person must ...View AnswerShow Answer

Explain how the labor force participation rate, the unemployment rate, and the percentage of the labor force employed part time change in a recession.

Correct AnswerverifiedThe labor force participation rate tends...View AnswerShow Answer

Potential GDP is reached when

Correct AnswerverifiedShow Answer

Suppose that Mel (who is 27) is not working, but looked for a job as recently as 2 months ago. Mel would like a job and he is available for work. He is considered

Correct AnswerverifiedShow Answer

Full employment occurs when

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Correct Answer
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Structural unemployment usually lasts period of time unemployment

Correct Answer
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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.

Correct Answer
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Correct Answer
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To be in the labor force, a person must ...
View Answer

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The labor force participation rate tends...
View Answer

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Correct Answer
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Correct Answer
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