Rates of Unemployment
Who has the lowest unemployment rate in the United States? South Dakota or North Dakota?
South Dakota
Frictional unemployment occurs when a person is between jobs, true or false?
True
Minimum wage is a ____ price floor
Binding
The sum of employed people, and unemployed people, equals?
The labor force
Is the unemployment rate in Colorado higher or lower than the nation's unemployment rate?
Lower at 4.2%
Structural unemployment occurs when there are no buildings to work in, true or false?
False, it's caused by a mismatch between workers and the skills required in the job market.
What is the demand for workers, and supply of workers called?
The labor market.
People with an associates degree had an unemployment rate lower than 3% in 2024, true or false?
True! 2.8%
Qatar has the highest unemployment rate worldwide, true or false?
False, they have the lowest
Cyclical unemployment is caused by:
A). The seasons
B). Economic dips or recession
C). Life cycle
B). Economic dips or recession
*This curve shows the relationship between unemployment and the job vacancy rate.*
Beveridge curve
What's it called when all labor resources are being used in the most efficient way possible?
Full employment
Sudan has the highest unemployment rate in the world, is it?
A). 62%
B). 35%
C). 27%
A). 62%
A temporary form of unemployment caused by different times of the year
Seasonal unemployment
The Phillips curve is an inverse relationship, true or false?
True
Minimum wage was raised in 30 states on January 1st 2025, true or false?
False, only 21 states
The current unemployment rate in the United States?
4.3% (as of August 2025)
Disguised unemployment occurs when,
A). people wear costumes to work and get fired
B). the unemployment rate isn't accurately reported
C). people are employed in low productivity roles
C). When people are employed in low productivity roles
The type of payment an employee receives after employment has ended
Severance pay
What is it called when unemployment and inflation rates rise?
Stagflation