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Test Your Knowledge Unemployment

Test Your Knowledge Unemployment

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Test Your Knowledge Unemployment

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  1. Test Your KnowledgeUnemployment Click on the letter choices to test your understanding

  2. Question 1 • The labor force is:

  3. Try again! The sum of all people employed is employment. This is a measure of the proportion of the country’s working age population that is employed. Back

  4. Try again! The unemployment rate is a measure of the unemployed and is calculated as a percentage by dividing the number of unemployed individuals by all individuals currently in the labor force. Back

  5. Correct! The labor force consists of everyone of working age who are actively employed or seeking employment. People who are not counted are students, retired people, stay-at-home parents, people in prisons or similar institutions, and discouraged workers who are unable to find work and have left the labor force. Next

  6. Question 2 • A person is counted as unemployed if:

  7. Try again! If someone is not looking for a job, for example a stay-at-home parent, they are not included in the labor force and therefore not counted as unemployed. Back

  8. Try again! Someone who is under the age of 16 is legally too young to work and therefore not in the labor force. Back

  9. Correct! • A person who is without a job but available to work and has actively looked for employment in the past four weeks is counted as unemployed. People who are laid off but expecting to return to work are also counted as unemployed. Next

  10. Question 3 • A medical doctor working as a waiter would be considered:

  11. Correct! • Underemployed workers may be workers who are working only part-time but would prefer a full-time job Next

  12. Try again! Workers who are available for work and have searched for a job for at least some time during the last year, but who have become discouraged at their prospects of finding a job and left the labor force are known as discouraged workers. Back

  13. Try again! A person who is without a job but available to work and has actively looked for employment in the past four weeks is counted as unemployed. Back

  14. Question 4 • Someone who is available for work, has searched for a job, found few prospects, and has left the labor force is considered:

  15. Try again! Underemployed workers may be workers who are working only part-time but who would prefer a full-time job, or workers who are highly skilled but are working in low-wage jobs that do no use those skills. Back

  16. Correct! Workers who are available for work and have searched for a job for at least some time during the last year, but who have become discouraged at their prospects of finding a job and left the labor force, are known as discouraged workers. Next

  17. Try again! A person who is without a job but available to work and has actively looked for employment in the past four weeks is counted as unemployed. Back

  18. Question 5 • The labor force participation rate identifies:

  19. Try again! The unemployment rate is a measure of the unemployed and is calculated as a percentage by dividing the number of unemployed individuals by all individuals currently in the labor force. Back

  20. Try again! The employment rate is a statistical ratio that measures the proportion of the country’s working age population that is employed. Back

  21. Correct! The labor force participation rate identifies what percentage of the adult population is in the labor force. It is calculated by dividing the labor force by the adult population, and then multiplying by 100. Next

  22. Question 6 • When workers lack the skills necessary to get a job, they are ________________ unemployed.

  23. Correct! • Structural unemployment occurs when workers have skills that are obsolete or no longer demanded by employers, when they lack the skills necessary to get a job, or when they cannot move to a new location to find work. Efficiency wages, a binding minimum wage, labor unions and unemployment insurance may also contribute to structural unemployment. Next

  24. Try again! Frictional unemployment is the result of workers searching for jobs, or waiting for new jobs to begin. Frictional unemployment is often called job search unemployment. Back

  25. Try again! Cyclical unemployment occurs when workers are unemployed as a result of economic changes associated with the business cycle. At times, economic conditions can cause the aggregate demand for goods and services to decline, therefore lowering the demand for labor needed to produce these goods and services. Back

  26. Question 7 • New and recent entrants into the labor force are ________________ unemployed.

  27. Try again! • Structural unemployment occurs when workers have skills that are obsolete or no longer demanded by employers, when they lack the skills necessary to get a job, or when they cannot move to a new location to find work. Efficiency wages, a binding minimum wage, labor unions and unemployment insurance may also contribute to structural unemployment. Back

  28. Correct! Frictional unemployment is the result of workers searching for jobs, or waiting for new jobs to begin. Frictional unemployment is often called job search unemployment. Next

  29. Try again! Cyclical unemployment occurs when workers are unemployed as a result of economic changes associated with the business cycle. At times, economic conditions can cause the aggregate demand for goods and services to decline, therefore lowering the demand for labor needed to produce these goods and services. Back

  30. Question 8 ________ unemployment occurs when workers are displaced as a result of economic changes associated with the business cycle.

  31. Try again! Structural unemployment occurs when workers have skills that are obsolete or no longer demanded by employers, when they lack the skills necessary to get a job, or when they cannot move to a new location to find work. Efficiency wages, a binding minimum wage, labor unions and unemployment insurance may also contribute to structural unemployment. Back

  32. Try again! Frictional unemployment is the result of workers searching for jobs, or waiting for new jobs to begin. Frictional unemployment is often called job search unemployment. Back

  33. Correct! Cyclical unemployment occurs when workers are unemployed as a result of economic changes associated with the business cycle. At times, economic conditions can cause the aggregate demand for goods and services to decline, therefore lowering the demand for labor needed to produce these goods and services. Next

  34. Question 9 Any deviation from the natural rate of unemployment is ___________ unemployment.

  35. Try again! This type of unemployment is caused by structural factors in the economy such as worker skills mismatch, efficiency wages, a binding minimum wage, labor unions, and unemployment insurance. Back

  36. Try again! Frictional unemployment results when workers are searching for a job, or waiting for a job to begin. Back

  37. Correct! The natural rate of unemployment is the lowest rate of unemployment over the long run, often thought of as the rate of unemployment that usually occurs in the economy. Deviations from this rate are cyclical unemployment. Next

  38. Question 10 The unemployment rate is closely tied to Real GDP. If Real GDP falls:

  39. Try again! • A decrease in Aggregate Demand is associated with falling Real GDP. Back

  40. Correct! • When Real GDP falls, output declines. This means that fewer workers will be needed to produce goods and services and unemployment should rise. Next

  41. Try again! When Real GDP rises, this indicates an increase in Aggregate Demand and greater output in the economy. This should lead to a decrease in unemployment as more workers are hired to meet the increased demand for goods and services. Back

  42. Thank you for participating in “Test Your Knowledge”