ECN 202 exam 2 review : Ch 10 Unemployment – Flashcards
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who reports the official US unemployment rate?
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The US bureau of Labor statistics
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how frequently is the survey that determines unemployment released? what is the survey called of 60 000 households ?
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monthly , current population survey
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labor force
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total number of workers, including unemployed and employed
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BLS defines:
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the unemployment rate as the percentage of the labor force that is unemployed- (#of unemployed/ labor force) x 100
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cyclical unemployment
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occurs in times of low economic growth or in recessions
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frictional unemployment
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due to the time workers spend searching for jobs- inevitable
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structural unemployment
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occurs bc of a surplus of labor in a given market- not enough jobs for all the people that want one
