Definitions
Definitions II
Concepts
Calculations
Challenge
100
The percentage of the labor force that is unemployed.
What is the unemployment rate?
100
The total number of workers, including both the employed and the unemployed.
What is the labor force?
100
The result of keeping wages above this level results in unemployment.
What is the equilibrium wage?
100
Employed = 200 Unemployed = 100 Not in the labor force = 50 The labor force is this.
What is 300?
100
The labor force participation rate for men is doing this, while the labor force participation rate for women is doing this. (Choose rising/declining)
What is declining, rising.
200
The process by which workers find appropriate jobs given their tastes and skills.
What is job search?
200
A worker association that bargains with employers over wages, benefits, and working conditions.
What is a union?
200
The Bureau of Labor Statistics divides the adult population into these three categories.
What are employed, unemployed, and not in the labor force.
200
Employed = 200 Unemployed = 100 Not in the labor force = 50 The adult population is this.
What is 350?
200
Although the economy will always have some unemployment, its natural rate does this.
What is change over time?
300
A government program that partially protects workers’ incomes when they become unemployed.
What is unemployment insurance?
300
Individuals who would like to work but have given up looking for a job.
What are discouraged workers?
300
Unemployment insurance serves as a disincentive for workers to do this.
What is find work?
300
Employed = 200 Unemployed = 100 Not in the labor force = 50 The unemployment rate is this.
What is 100/300, or .33?
300
Laws that give workers in a unionized firm the right to choose whether to join the union.
What are right-to-work laws?
400
The deviation of unemployment from its natural rate.
What is cyclical unemployment?
400
Unemployment that results because it takes time for workers to search for the jobs that best suit their tastes and skills.
What is frictional unemployment?
400
The Bureau of Labor Statistics collects information about the current labor market by doing this.
What is conducting a regular survey of households?
400
Employed = 200 Unemployed = 100 Not in the labor force = 50 The labor-force participation rate is this.
What is 300/350, or .86?
400
Some frictional unemployment is inevitable because of these reasons. (Give one reason)
What is: 1) Sectoral shifts 2) The economy is always changing 3) Changes in industry 4) Changes in demand for labor among firms
500
The percentage of the adult population that is in the labor force.
What is the labor force participation ratio?
500
Above-equilibrium wages paid by firms to increase worker productivity.
What are efficiency wages?
500
Most of the nation's unemployment problem is attributable to this group of workers.
What are the relatively few workers unemployed for a long period of time?
500
Employed = 200 Unemployed = 100 Not in the labor force = 50 The employment rate is this.
What is 200/350, or .57?
500
Firms choose to voluntarily pay their workers higher wages because of these benefits. (Give one reason)
What is: 1) Worker Health 2) Worker Turnover (They stay at that job) 3) Worker Quality 4) Worker Effort
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