unemployment quiz 1

Question 1

what fuels an economy?

_________ is the engine of an economy

Answer 1

employment (jobs)

employment

Question 2

Government gets money by ____

which means HIGH UNEMPLOYMENT=

Answer 2

Tax

government gets poorer

Question 3

define unemployment

Answer 3

refers to individuals who are willing & able to work but can not find jobs

Question 4

unemployment rate formula

Answer 4

unemployed/labor force x 100/1

Question 5

labor force = ______+_______

Answer 5

employed + unemployed

Question 6

define UNDERemployment

Answer 6

occurs when individuals are working in jobs that do not fully utilize their skills, qualifications, or availability, often including part-time work when full-time employment is desired.

Question 7

The natural rate of unemployment

Answer 7

is the level of unemployment that exists in an economy when it is operating at full potential, including frictional and structural unemployment, but excluding cyclical unemployment.

Question 8

5 types of unemployment

Answer 8

frictional unemployment
structural unemployment
cyclical unemployment
seasonal unemployment
technological unemployment