Chapter 12 Unemployment and Inflation

| November 9, 2018

1)
During periods of poor economic performance, real GDP
A)
declines and unemployment rises.
B)
declines and unemployment declines.
C)
declines but unemployment typically does not change.
D)
is unchanged but unemployment rises sharply.

2)
An economic ________ refers to either an upturn or a downturn in the economy.
A)
stagnation
B)
model
C)
fluctuation
D)
chain index

3)
Economists define the unemployed as individuals who are
A)
not currently working.
B)
not currently working but are actively looking for work.
C)
working but looking for a different job.
D)
working less than their desired amount of time.

4)
Economists define the labor force to include
A)
only people who are working full time.
B)
people who are working.
C)
people who are not working but are actively looking for a job, and people who
are working.
D)
all individuals of working age, regardless of whether they are working or
looking for a job.

5)
The unemployment rate is the number of unemployed people
A)
divided by the number of people who are working.
B)
divided by the total working-age population.
C)
divided by the sum of the number of people who are working and the number of
people who are looking for work.
D)
and the number of people working fewer than their desired number of hours,
divided by the number of people who are working or looking for work.

6)
If Sam does not have a job and is not looking for work, he is considered
A)
unemployed and in the labor force.
B)
unemployed and not in the labor force.
C)
not in the labor force.
D)
unemployed.

7)
If Sam does not have a job and is not currently looking for work but has looked
in the past, he is considered
A)
unemployed and in the labor force.
B)
unemployed and not in the labor force.
C)
not in the labor force.
D)
unemployed.

8)
People who are currently not working but are actively looking for work are
officially classified as
A)
unemployed and in the labor force.
B)
unemployed and out of the labor force.
C)
employed and in the labor force.
D)
employed and out of the labor force.

9)
People who are only working part-time, but want to be working full-time, are
classified officially as
A)
unemployed and in the labor force.
B)
unemployed and out of the labor force.
C)
employed and in the labor force.
D)
employed and out of the labor force.

10)
The fraction of the working-age population that is in the labor force is called
the
A)
employment rate.
B)
unemployment rate.
C)
labor force participation rate.
D)
nonresponse rate.

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