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Econ Exam 2 > Problem Of Unemployment > Flashcards

Problem Of Unemployment Flashcards

1
Q

Job loss results in loss of ______-_______.

A

Self-worth

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2
Q

Producing at less than full production or under the production possibilities curve is critical for _______ resource.

A

Labor

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3
Q

What year was the Employment Act passed stating we must establish a full employment objective?

A

1946

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4
Q

In the US we calculate unemployment by starting with the population over ____ years old then determine how many of those people are working or trying to find work.

A

15

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5
Q

What is the participation rate in the US?

A

63%

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6
Q

Population x Participation Rate = ________ ________.

A

Labor Force

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7
Q

To be in the labor force a person must have a job or be “_________ _________” work and be over the age of 15.

A

Actively seeking

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8
Q

The people who were seeking a job but have given up are _____ included in the equation.

A

Not

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9
Q

To find unemployment we take the number of unemployed, divided by the total ________ _______.

A

Labor force

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10
Q

The lowest rate of unemployment we can enjoy without triggering inflation is the _________ ______ of ____________. (NRU)

A

Natural Rate of Unemployment

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11
Q

In recent history anything under ____% is considered full employment.

A

5

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12
Q

The highest rate of unemployment the US has seen is ___% during the depression and the lowest rate of unemployment was ____% during WWII.

A

25

1.2

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13
Q

What are the three types of unemployment?

A

Frictional
Cyclical
Structural

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14
Q

When people are unemployed because they are between jobs, entering or re-entering the work force they are considered what?

A

Frictionally unemployed

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15
Q

Which unemployment is the least severe of the three types of unemployment?

A

Frictional unemployment

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16
Q

Businesses laying off workers in the face of declining demand is considered what?

A

Cyclical unemployment

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17
Q

As economic activity decreases, cyclical unemployment _________. As economic activity increases, cyclical unemployment __________.

A

Increases

Decreases

18
Q

Taking some pressure off price increases is a benefit of which unemployment?

A

Cyclical unemployment

19
Q

Which unemployment benefits society because it reallocated resources to more productive uses?

A

Frictional unemployment

20
Q

One way to control the severity of a recession is through the use of _______ _________.

A

Fiscal policy

21
Q

The first tool for the government in fiscal policy to solve unemployment is increasing government spending on _______ goods.

A

Public

22
Q

The second tool the government uses in fiscal policy to solve unemployment is ________ income taxes.

A

Reducing

23
Q

The second way we control recessions is through what policy?

A

Monetary policy

24
Q

Monetary policy is carried out by who?

A

Federal Reserve System

25
Q

Monetary policy means the Federal Reserve System places more _______ back into the economy.

A

Money

26
Q

What unemployment is caused by changes in the basic structure of the economy itself?

A

Structural unemployment

27
Q

What happens when buying patterns or new technologies eliminate the need for certain jobs?

A

Structural unemployment

28
Q

What is the most difficult psychologically of all unemployment types?

A

Structural unemployment

29
Q

The number of people in an economic system who are working or looking for work is what?

A

Labor Force

30
Q

The condition that exists when 96% of the labor force is employed is what?

A

Full employment

31
Q

People who are between jobs and know what the next job will be are what?

A

Frictionally unemployed

32
Q

People out of work because of a general drop in total production are what?

A

Cyclically unemployed

33
Q

A change in buying patterns or technology in which a workers skills are no longer needed is considered what unemployment?

A

Structural unemployment

34
Q

A loss of a persons power to have access to the economy through the ability to buy goods and services is considered what?

A

Economic disenfranchisement

35
Q

The lowest level of unemployment the economy can sustain without triggering an increase in inflation is considered what?

A

Natural Rate of Unemployment (NRU)

36
Q

Who relys on fiscal policy to help reduce the severity of a recession?

A

Keynesians

37
Q

Who relys on monetary policy to control the amount of money in the economy?

A

Monetarists

38
Q

In the _______ the US set up unemployment compensation and in the _______ is when we had social security programs.

A

1900’s

1930’s

39
Q

What are the two types of people who have the highest unemployment regardless of the economic situation?

A

Males with a high school education or less

Racial minorities

40
Q

Who calculates the unemployment rate?

A

The Bureau of Labor Statistics

Econ Exam 2 (7 decks)

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