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ECON 1100 Chapter Notes - Chapter 5: Producer Price Index, Costco, Ipad

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raspberryswan787
23 Apr 2016
School
University of Guelph
Department
Economics
Course
ECON 1100
Professor
Eveline Adomait

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Document Summary

Unemployment rate - the percent of the workforce actively seeking a job that cannot find or do not have one. Working age population - people that are 15 years of age or older who are legally entitled to work in. Employed - anyone who did paid work, unpaid work for a family business, or worked for themselves. Unemployed - people who do not have a job, but are willing and able to work, and have looked for a job in the last 4 weeks. Not in the labour force - people who are unwilling or unable to perform paid work. This includes people who have given up trying to find a job. Labour force - the sum of employed and unemployed workers in the economy. Unemployment rate = number of unemployed / labour force x 100. Labour force participation rate - the percentage of the working age population in the labour workforce.

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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.

 

 

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.

 

 

QUESTION 1

Rosina Gonzales quit her job in Pennsylvania and moved to California to be close to her family. She is currently looking for work, so she would be considered

frictionally unemployed.

cyclically unemployed.

a discouraged worker.

seasonally unemployed.

1 points

QUESTION 2

Discouraged workers

are counted as unemployed workers when the unemployment rate is calculated.

would decrease the unemployment rate if they were added to the number of unemployed workers.

are counted as one-half of a worker in the unemployment statistics.

would increase unemployment rate if they were added to the number of unemployed workers.

1 points

QUESTION 3

In measuring the unemployment rate, part-time workers are ________ and discouraged workers are ________.

included as employed; included as unemployed

excluded; excluded

excluded; included as unemployed

included as employed; excluded

1 points

QUESTION 4

Mary has decided that the she does not like Iowa and has decided to quit her job as a medical technician and move to Arizona. Mary's unemployment as she searches for a new job is best classified as

frictional.

cyclical.

structural.

seasonal.

1 points

QUESTION 5

When a golf caddy in Minnesota (where golf courses close in the winter) is unemployed in December, it is most likely the case that the golf caddy is

cyclically unemployed during long droughts.

frictionally unemployed during spring and summer.

structurally unemployed during spring and summer.

seasonally unemployed.

1 points

QUESTION 6

After graduating from college, Yunis, age 22, started working for his parent's real estate business as an unpaid assistant. He works 25 hours a week helping manage rental units . In the Current Population Survey, Yunis is considered

part of the labor force and employed.

part of the labor force and unemployed.

a discouraged worker.

not part of the labor force.

1 points

QUESTION 7

The working-age population includes

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

only employed people over the age of 16.

those in jails and hospitals.

employed and unemployed people over the age of 16.

1 points

QUESTION 8

Involuntary part-time workers are workers who

work less than 35 hours but would like to work full time.

work more than 35 hours but would like to work less than 35 hours.

work less than 35 hours by choice.

work have lost their jobs within the last four weeks and are seeking another job.

1 points

QUESTION 9

Frictional unemployment is the result of

the normal process of jobs being created and destroyed.

an economic recession.

people not getting along (having friction) with their employers.

the economic decline of major industries

1 points

QUESTION 10

Bill just graduated with his degree in economics. Through Career Services he submitted his resume to several companies and he will visit them during the next two weeks. Bill is considered

not in the labor force.

cyclically unemployed.

frictionally unemployed.

structurally unemployed.

1 points

QUESTION 11

Harry works at the video rental store for 20 hours per week. He's asked his boss to allow him to work 40 hours per week, but has been told that business is too slow. Harry is considered

an involuntary part-time worker.

a marginally attached worker.

a discouraged worker.

not in the labor force.

1 points

QUESTION 12

Discouraged workers who are over 16 years old are

i.not counted as unemployed.

ii.part of the working-age population.

iii.part of the labor force.

i and ii

ii and iii

ii only

i only

1 points

QUESTION 13

Higher unemployment benefits create

higher seasonal unemployment as workers switch jobs.

a lower number of job leavers.

incentives for longer job searches and higher frictional unemployment.

incentives for shorter job searches and higher structural unemployment.

1 points

QUESTION 14

Seasonal unemployment includes people who become unemployed from

changes in the business cycle.

technological changes.

the seasonal weather patterns.

normal changes in the labor force.

1 points

QUESTION 15

Cyclical unemployment is

higher when the economy is expanding.

always greater than the total of structural and frictional unemployment.

the total of structural and frictional unemployment.

created by a recession.

1 points

QUESTION 16

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

April, who just graduated from college and is looking for work

Jason, who was laid off from work less than 6 months ago but who has stopped looking for work

Rich, who is working 20 hours a week but wants a full-time job

Misty, who just quit her job to return full time to school

1 points

QUESTION 17

People who are willing and able to work but are not looking for work because they have been discouraged by their previous futile efforts are called

discouraged workers.

involuntarily unemployed.

part-time lookers.

unemployed workers.

1 points

QUESTION 18

Discouraged workers are included in the calculation of the

i.unemployment rate.

ii.labor force participation rate.

iii.working-age population.

i and ii

i only

iii only

ii only

1 points

QUESTION 19

As firms search for the best employee to fill an opening and the unemployed search for the job that best fits their skills, the economy experiences

changes in the business cycle.

cyclical unemployment.

frictional unemployment.

structural unemployment.

1 points

QUESTION 20

Suppose 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 labor force participation rate?

64 percent

67 percent

76 percent

49 percent

1 points

QUESTION 21

During a recession the unemployment rate generally ________ and during an expansion the unemployment rate generally ________.

rises; rises

rises; does not change

falls; rises

rises; falls

1 points

QUESTION 22

In January of 2001, the population of the United States was 276.8 million, the working-age population was 210.2 million, the total number of people employed was 140, and the total number of people unemployed was 5.0 million. What was the labor force participation rate?

56 percent

69 percent

78 percent

67 percent

1 points

QUESTION 23

If Brian, age 24, had no job but was available for work and had looked for a job the week before the survey, Brian is classified in the Current Population Survey as

unemployed.

employed.

a discouraged worker.

not in the labor force.

1 points

QUESTION 24

Julie works part-time for economic reasons. She would be considered

an involuntary part-time worker.

not in the labor force.

a job seeker.

a discouraged worker.

1 points

QUESTION 25

Suppose the population is 300 million people, the labor force is 200 million people, the number of people employed is 185 million, and the working-age population is 170 million people. What is the unemployment rate?

5 percent

7.5 percent

8.8 percent

92.5 percent

1 points