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Chapter 20
ECO 252
| Question | Answer |
|---|---|
| A member of the labor force is defined as: | someone already employed or actively seeking work |
| All three types of unemployment: | are difficult on households |
| Cyclical unemployment is: | unemployment caused by economic downturns |
| Daniel, Steven, and Chris work as engineers. 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 | cyclically unemployed |
| Discouraged workers are defined as: | individuals who are not working but are willing to work and who have looked for a job in the past 12 months but have not sought employment in the past 4 weeks. Correct |
| During periods of recession: | the unemployment rate rises |
| During the 2007-2009 Great Recession, the United States witnessed: | a decrease in the labor force participation rate |
| Frictional unemployment is: | unemployment caused by time delays in matching available jobs and workers |
| If a large group of U.S. workers begins to retire, you can expect: | a decrease in the labor force participation rate. |
| If the economy is expanding beyond its long-run capabilities, we know that: | actual unemployment is less than its natural rate |
| JTKB is a firm in Florida. Company policy is that whenever JTKB decides to open up a new accounting position, the hiring manager must conduct at least five interviews over a two-week span. Because of this process, JTKB is increasing __ in Florida. | frictional unemployment |
| Knowing the length of unemployment is important because: | if most unemployment is short term, we might not be as concerned with a higher unemployment rate, because this indicates that the unemployment is a temporary situation, rather than a long-term problem. Correct |
| Natural unemployment is: | the sum of structural and frictional unemployment |
| Official unemployment is identified as when: | a worker who is not currently employed is searching for a job unsuccessfully |
| One misconception that people often have about unemployment is that: | as a nation, we should aim for zero unemployment |
| One shortcoming of the official unemployment rate is that: | it includes only workers who have no job and are actively seeking work |
| Some individuals are unemployed because it takes time for them to find a job that fits their skill set. These individuals would be considered to be: | frictionally unemployed |
| Some individuals are unemployed because they are laid off from their job when the economy is sluggish. These individuals would be considered: | cyclically unemployed |
| Some jobs in the economy are no longer needed after an advancement in technology. A person who loses his job this way would be considered: | structurally unemployed |
| Structural unemployment is | unemployment caused by changes in the industrial makeup of an economy |
| The main statistic that is used to monitor unemployment in the economy is: | the unemployment rate |
| The natural rate of unemployment is: | the typical rate of unemployment when the economy is growing normally |
| The root cause of cyclical unemployment is: | downturns in the business cycle |
| Underemployed workers are: | individuals who are working part-time but would prefer to be working full-time |
| When actual unemployment is less than its natural rate: | resources are employed at levels that are not sustainable in the long run |
| Which of the following is an example of frictional unemployment? | Chad graduates with his master's degree in economics and is searching for an analyst job |
| Which of the following lists the three types of unemployment? | frictional, structural, and cyclical |
| Which of the following people would be officially considered unemployed? | Jenna, who just graduated college and is searching for a job that fits her graphic-design skills |
| Which of the following statements about historical unemployment rate is true? | Since 1960 the average unemployment rate in the United States has been about 6% |
| Which of the following two types of unemployment occur even when the economy is healthy and growing? | frictional and structural |
Created by:
mghamiter