Econ Chapt 11

Question 1

Unemployed Workers

Answer 1

willing to work but no job
-16 years or older
-not institutionalized (military/prison)
-a civilian

Question 1

Unemployment rate

Answer 1

percentage of labor force without a job

Question 2

Labor force participation rate

Answer 2

percentage of adults in the labor force

Question 3

Discouraged workers

Answer 3

Workers without a job, and have given up looking

Question 4

Underemployment rate

Answer 4

measure that includes part-time workers, who would rather have full-time positions

Question 5

Frictional Unemployment

Answer 5

short-term unemployment

Question 6

Structural unemployment

Answer 6

persistent, long-term unemployment caused by long-lasting shocks or permanent features of an economy t

Question 7

Employment at will doctrine

Answer 7

employee may quit or employer may fire at any time

Question 8

Right to work

Answer 8

means you don’t have to belong to the union to work

Question 9

Cyclical Unemployment

Answer 9

unemployment correlated with the business cycle

Question 10

Natural unemployment rate:

Answer 10

the rate of structural plus frictional unemployment