ECON 110: Quiz 5 – Flashcards

Labor force is _________workers in the economy. a. Employed + laid off b. Employed + Underemployed c. Employed + Not employed d. Employed + Unemployed

Natural rate of unemployment is the sum of: a. Cyclical + Frictional b. Structural + Frictional c. Frictional + Efficiency d. None if the above

The labor force participation rate measures the percentage of _________in the labor force. a. Employed b. Unemployed c. Adult population d. All of the above

All modern dynamic economies are characterized by_________ of jobs. a. creative-destruction b. Creative-saving c. destruction-saving d. stability-destruction

The deviation of unemployment from its natural rate is called a. the economic rate of unemployment. b. cyclical unemployment. c. frictional unemployment. d. structural unemployment.

The designation "natural" implies that the natural rate of unemployment a. is desirable. b. is constant over time. c. is impervious to economic policy. d. does not go away on its own even in the long run.

The Bureau of Labor Statistics produces data on unemployment and other aspects of the labor market from a regular survey of households called the a. Census b. Labor Survey. c. Survey of Economic Indicators. d. Current Population Survey.

The Bureau of Labor Statistics produces data on unemployment a. weekly. b. monthly. c. quarterly. d. yearly.

Which of the following is not one of the categories into which the Bureau of Labor Statistics places each adult of each surveyed household? a. employed b. unemployed c. underemployed d. not in the labor force

Since 1960, the natural rate of unemployment in the U.S. has been between a. 0% and 1%. b. 5% and 6%. c. 10% and 12%. d. 12% and 24%.