Unemployment

Question 1

Cyclical Unemployment

Answer 1

Unemployment that rises during economic downturns and falls when the economy improves.

Question 2

Frictional Unemployment

Answer 2

Unemployment that occurs when people take time to find a job or are in search of something better suited to their capabilities.

Question 3

Labor Force

Answer 3

The total amount of individuals available for labor in the economy.

Question 4

Labor Force Equation

Answer 4

Unemployed + Employed

Question 5

Structural Unemployment

Answer 5

Skills of job seekers do not match jobs in their area

Question 6

Seasonal Unemployment

Answer 6

Employed for a specific time period to meet demand.

Question 7

Unemployment Rate Equation

Answer 7

(Unemployed/Labor Force) x 100

Question 8

The Bureau of Labor Statistics would categorize a person as ______ if they were temporarily away from their job because they were ill.

Answer 8

Employed

Question 9

A retired individual is considered

Answer 9

Out of the Labor Force.

Question 10

Participation Rate

Answer 10

Labor Market/Total Population