ECON-1007EL Study Guide - Midterm Guide: Opportunity Cost, Nominal Interest Rate, Parental Leave

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oliveferret196

26 Jun 2018

School

Laurentian

Department

Economics / Science Èconomique

Course

ECON-1007EL

Professor

Daviau Charles

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Macroeconomics Test 2 Review

Employment The number of people currently employed in

the economy, either full time or part time.

Unemployment The number of people who are actively

looking for work but aren’t currently

employed.

Labor Force Equal to the sum of employment and

unemployment.

Labor Force Participation Rate The percentage of the population aged 15

and older that is in the labor force.

Unemployment Rate The percentage of the total number of

people in the labor force who are

unemployed. (# of unemployed

workers/labor force x 100%)

Discouraged Workers Non-working people who are capable of

working but have given up looking for a job

because of the state of the job market.

Marginally Attached Workers Would like to be employed and have looked

for a job in the recent past but are not

currently looking for work.

Underemployment The number of people who work part time

because they can’t find full-time jobs.

NEET Neither Enrolled in school, nor Employed, nor

in Training

NEET Rate Measure the percentage of youth who are at

risk of becoming discouraged and

disengaged, perhaps leading to reduced

educational attainment, lack of satisfactory

employment opportunities, and other related

social problems as a consequence.

Job Search Workers who spend time looking for

employment are engaged in job search.

Frictional Unemployment Unemployment due to the time workers

spend in job search.

Structural Unemployment Unemployment that results when workers

are unable to fill available jobs due to

mismatch in skills or locations, or unable to

get a job at the prevailing wage.

Minimum Wage A government-mandated floor on the price

of labor. Each province and territory sets its

own minimum wage.

Unions By bargaining for all of a firm’s workers

collectively (collective bargaining), unions can

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Document Summary

The number of people currently employed in the economy, either full time or part time. The number of people who are actively looking for work but aren"t currently employed. Equal to the sum of employment and unemployment. The percentage of the population aged 15 and older that is in the labor force. The percentage of the total number of people in the labor force who are unemployed. (# of unemployed workers/labor force x 100%) Non-working people who are capable of working but have given up looking for a job because of the state of the job market. Would like to be employed and have looked for a job in the recent past but are not currently looking for work. The number of people who work part time because they can"t find full-time jobs. Neither enrolled in school, nor employed, nor in training.

Related Questions

1) The working-age population includes

A) those in jails and hospitals.

B) youngsters between the ages of 14 and 16 if they are working at least part time.

C) employed and unemployed people over the age of 16.

D) only employed people over the age of 16.

E) people over the age of 16 who are in the Army.

2) The labor force includes people who

i. are less than 16 years of age.

ii. are in institutions.

iii. are actively seeking a job but do not have a job.

A) i only

B) i and iii

C) i and ii

D) iii only

E) i , ii, and iii

3) Assume the U.S. population is 275 million. If 210 million people are of working age, 135 million are employed, and 6 million are unemployed, what is the size of the labor force?

A) 275 million

B) 141 million

C) 135 million

D) 210 million

E) 204 million

4) The unemployment rate is the number of people unemployed divided by the

A) population, then multiplied by 100.

B) labor force participation rate, then multiplied by the population.

C) labor force, then multiplied by 100.

D) number of people employed, then multiplied by 100.

E) working-age population, then multiplied by 100.

5) Suppose the population is 220 million people, the labor force is 150 million people, the number of people employed is 130 million, and the working-age population is 175 million people. What is the unemployment rate?

A) 9.0 percent

B) 13.3 percent

C) 11.4 percent

D) 15.4 percent

E) 20 percent

6) Suppose the working-age population is 220 million, the labor force is 150 million, and the unemployment rate is 10 percent. The number of unemployed people is

A) 15 million.

B) 22 million.

C) 37 million.

D) 7 million.

E) 70 million.

7) The labor force participation rate is the

A) labor force divided by the working-age population, then multiplied by 100.

B) number of people employed divided by the labor force, then multiplied by 100.

C) labor force divided by the population, then multiplied by 100.

D) discouraged workers divided by the labor force, then multiplied by 100.

E) number of people employed divided by the population, then multiplied by 100.

8) 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

A) 70.2 percent.

B) 81 percent.

C) 17.5 percent.

D) 25 percent.

E) 52.6 percent.

9) A discouraged worker is

A) a person who is not happy with his or her job.

B) someone who works part time but wants full-time work.

C) someone who is asked to work overtime everyday.

D) someone who does not have a job but has given up looking.

E) another name for an unemployed worker.

silvergnu415

1) The working-age population includes

A) those in jails and hospitals.

B) youngsters between the ages of 14 and 16 if they are working at least part time.

C) employed and unemployed people over the age of 16.

D) only employed people over the age of 16.

E) people over the age of 16 who are in the Army.

2) The labor force includes people who

i.are less than 16 years of age.

ii.are in institutions.

iii.are actively seeking a job but do not have a job.

A) i only

B) i and iii

C) i and ii

D) iii only

E) i , ii, and iii

3) Assume the U.S. population is 275 million. If 210 million people are of working age, 135 million are employed, and 6 million are unemployed, what is the size of the labor force?

A) 275 million

B) 141 million

C) 135 million

D) 210 million

E) 204 million

4) The unemployment rate is the number of people unemployed divided by the

A) population, then multiplied by 100.

B) labor force participation rate, then multiplied by the population.

C) labor force, then multiplied by 100.

D) number of people employed, then multiplied by 100.

E) working-age population, then multiplied by 100.

A) 9.0 percent

B) 13.3 percent

C) 11.4 percent

D) 15.4 percent

E) 20 percent

6) Suppose the working-age population is 220 million, the labor force is 150 million, and the unemployment rate is 10 percent. The number of unemployed people is

A) 15 million.

B) 22 million.

C) 37 million.

D) 7 million.

E) 70 million.

7) The labor force participation rate is the

A) labor force divided by the working-age population, then multiplied by 100.

B) number of people employed divided by the labor force, then multiplied by 100.

C) labor force divided by the population, then multiplied by 100.

D) discouraged workers divided by the labor force, then multiplied by 100.

E) number of people employed divided by the population, then multiplied by 100.

8) 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

A) 70.2 percent.

B) 81 percent.

C) 17.5 percent.

D) 25 percent.

E) 52.6 percent.

9) A discouraged worker is

A) a person who is not happy with his or her job.

B) someone who works part time but wants full-time work.

C) someone who is asked to work overtime everyday.

D) someone who does not have a job but has given up looking.

E) another name for an unemployed worker.

coppermarten219

4. Consider an economy with the following labor force characteristics:
Number of people employed E =135 million
Number of people unemployed U= 15 million

Number of people officially classified as out of the labor force O= 150 million

a.Calculate the unemployment rate using the above data.

b. Calculate the labor force participation rate using the above data.

c. Assume that 10 million unemployed people quit looking for work and 10 million of those people currently out of the labor force make a permanent move from their current residences in Springfield Massachusetts to Hobart Tasmania where they apply for permanent residency. Tasmania is a state in the nation of Australia. Calculate the new labor force participation rate for the United States.

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ECON-1007EL Study Guide - Midterm Guide: Opportunity Cost, Nominal Interest Rate, Parental Leave

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