econ 4 – Flashcard
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According to an In the News article "Carpentry Work Crashing Down," Labor demand for carpenters remains low as the economy climbs out of the recent recession due to
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Structural unemployment due to a mismatch between workforce skills and employer needs.
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During an economic downturn, consumers spend considerably less on goods and services. This results in layoffs that are classified as
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cyclical
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Suppose the working-age population of Country A is 200 million, the number employed is 130 million, and the number unemployed is 10 million. What is the labor force participation rate?
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70 percent.
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Tom worked at NASA for 13 years. In the 14th year, his job was automated, resulting in him losing his job. He looked for a new job for 18 months before finding a job in a different line of work that paid less. During his 18-month job search, Tom was considered to be
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strucuturally unemployed
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Which of the following types of unemployment would best characterize a snow ski instructor's unemployment during the summer months?
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Seasonal unemployment.
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If there is a prolonged recession and technological advances change the skill sets of some jobs and eliminate others, what type of unemployment gets larger?
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strucutural
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According to an In the News article written in 2009, "Unemployment Rate Hits 10.2%, a 26-Year High," the seasonally adjusted unemployment rate was the highest since
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1983
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If more teenagers stay in school longer rather than dropping out and entering the labor force,
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The production possibilities curve shifts inward.
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From 1950 until 2000, the labor force participation rate has
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Decreased for men and increased for women.
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The lowest level of unemployment compatible with price stability
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Is referred to as full employment.
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Studies have shown that unemployment causes
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Increased health problems.
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During which one of the following decades was the goal of 4 percent unemployment set as an acceptable compromise between our full employment and inflation goals?
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1960s.
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There is a/an ________________ relationship between educational level and the unemployment rate.
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inverse relationship
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Which of the following government programs would be most appropriate to counteract cyclical unemployment?
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Greater government expenditures to increase GDP.
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Production possibilities are the
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Alternative combinations of output that can be produced using all available resources and technology.
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Part-time workers who desire full-time employment are
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Underemployed but do not contribute to the unemployment statistic.
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When the labor force participation rate is declining, the
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Percentage of the working-age population that is willing and able to work is declining.
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Jack graduated from college last month, but he has not yet started looking for a job. Jack is
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Not part of the labor force and is not counted in the unemployment rate.
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Suppose that in a population of 50 million persons, 40 million are in the labor force, 36 million are employed, 2 million are classified as unable to work, and 1 million are classified as unwilling to work. The unemployment rate is
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10.0 percent.
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Of the following reasons for unemployment, which will increase most because of a recession?
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Job losers.
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An unemployed worker who wants a job but has given up in the search for a new job is referred to as a/an
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Discouraged worker.
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The phantom unemployed are
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People who report that they are actively seeking a job even when they have little or no intention of finding one.
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The labor force participation rate is the number
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In the labor force divided by the working-age population.
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Who among the following is included in the labor force?
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The president of Microsoft.
