Vocabulary
The total number of workers employed in an economy, whether they work full time or part time is called:
Total Employment
The type of unemployment that results from a mismatch between job seekers and the types of jobs available is called:
How do you calculate unemployment? (What is the unemployment rate formula?)
The unemployment rate represents the number of unemployed people as a percentage of the labor force (the labor force is the sum of the employed and unemployed).
The unemployment rate is calculated as: (Unemployed ÷ Labor Force) x 100.
Carlos lost his job at the local auto parts store due to the economic slowdown in his state. Carlos is experiencing:
cyclical unemployment
A rise in the price level is called:
inflation
D) a typical consumer
The type of unemployment that increases in the winter when conditions for roofers, carpenters, and landscapers deteriorate is called:
seasonal unemployment
Economists believe that the United States is experiencing full employment when the unemployment rate is:
5-6 %
Jackie has been working in northern Michigan mowing grass at the local golf course. With the onset of winter, Jackie is most likely to experience:
seasonal unemployment
A decline in the price level is called:
deflation
The percentage of the labor force without a paid job is called:
The unemployment rate
The type of unemployment that is caused by an economic contraction is called:
cyclical unemployment
Which of the following groups currently has the lowest unemployment rate in the United States?
A) Teenagers B) those with a bachelor's degree or higher C) minorities D) those with no high school diploma
B) Those with a bachelor's degree or higher
Aisha is searching for a new job with higher pay after leaving her job at an insurance company. Aisha is experiencing:
frictional unemployment
If Marie receives a 5% wage increase at work during a time when there is a 4% inflation rate, she is:
1 percent better off.
People who give up and stop looking for work are called:
discouraged workers
The type of unemployment that occurs while workers are searching for a job is called:
frictional unemployment
If a country has a civilian population of 200 million, 135 million people with jobs, and 15 million people unemployed and seeking employment, then its labor force is:
150 million
A) the cost of time and effort involved in running to the bank
An increase in the price level that is extremely rapid over a short period of time is called:
hyperinflation
Workers who would like to work more hours or prefer a job that better matches their skills are called:
underemployed workers
James is unemployed because the hat making factory in her town moved to Taiwan. There are no other hat making jobs available in her town. James is geographically unemployed and is experiencing:
structural unemployment
If a country has a population of 200 million, 135 million people with jobs, and 15 million people unemployed and seeking employment, then its unemployment rate is:
10 percent
You read in the newspaper that the CPI is 120. You can conclude that a market basket costs:
C) 20% more than the base year
Which of the following statements is true:
A) (Hyper) Inflation and deflation are both bad for the economy.
B)Inflation is good for the economy and deflation is bad for the economy.
C) Inflation and deflation are both good for the economy.
D) Inflation is bad for the economy and deflation is good for the economy.
A) (Hyper) Inflation and deflation are both bad for the economy.