Unemployment

Question 1

the amount of unemployment that the economy normally experiences

Answer 1

Natural Rate of Unemployment

Question 2

Year-to-year fluctuations in unemployment around its natural rate (associated with short-run ups and downs of economic activity)

Answer 2

Cyclical Unemployment

Question 3

Employed includes:

Answer 3

• paid employees
• with own businesses
• unpaid in family’s business
• temporarily absent employees

Question 4

Unemployed includes:

Answer 4

• available for work

- tried to find employment (during the previous 4 weeks)

Question 5

Not in the labor force includes:

Answer 5

• students, homemakers, and retirees

Question 6

Labor force computation:

Answer 6

Employed + Unemployed = Labor Force

Question 7

Labor-force participation rate

Answer 7

Labor Force divided by Adult Population (% of Adult Population in the US that are part of the Labor Force)

Question 8

Around which the unemployment rate fluctuates is called

Answer 8

Natural Rate of Unemployment

Question 9

Deviation of unemployment from its natural rate

Answer 9

Cyclical Unemployment

Question 10

Tried to find a job but had given up after an unsuccessful search

Answer 10

discouraged workers

Question 11

Unemployment that results from the process of matching workers and jobs

Answer 11

frictional unemployment (explains short-term unemployment)

Question 12

Unemployment that results from the insufficient number of jobs available in the labor market

Answer 12

structural unemployment (explains long-term unemployment)

Question 13

Process of matching workers with appropriate jobs

Answer 13

Job Search

Question 14

The process in which unions and firms agree on the terms of employment is called

Answer 14

collective bargaining

Question 15

Unemployed (as per NSCB Resolution No. 15)

Answer 15

those in the labor force:

• without work
• available for work
• seeking work or not seeking work

Question 16

employed persons who express the desire to have additional hours of work in their present job or an additional job, or have a new job with longer working hours

Answer 16

Underemployed

Question 17

nationwide quarterly survey conducted by the Philippine Statistics Authority

Answer 17

Labor Force Survey

Question 18

population of 15 yrs old and over who contribute in production (and formula)

Answer 18

Labor Force = employed + unemployed

Question 19

comprises those in the labor force and those who are not in the labor force

Answer 19

Population = labor force + not in the labor force

Question 20

Employment rate (formula)

Answer 20

(employed / labor force) x 100

Question 21

Underemployment Rate (formula)

Answer 21

(underemployed/employed) x 100

Question 22

Unemployment Rate (formula)

Answer 22

(unemployed/labor force) x 100

Question 23

Labor Force Participation Rate (formula)

Answer 23

(labor force/population) x 100

Question 24

when people become unemployed voluntarily

Answer 24

Voluntary Unemployment

Question 25

when qualified people who are willing to work cannot find jobs

Answer 25

Involuntary Unemployment

Question 26

number of people who do not have work but who are not counted in government reports. (or those with redundant work)

Answer 26

Hidden Unemployment