unemployment quiz

Question 1

okun’s law

Answer 1

every 1% increase of unemployment% causes a 2% decline in Real GDP

Question 2

Who is not included in unemployment rate

Answer 2

discourgaed workers
marginally attached workers
underemployed*

Question 3

discourgaed workers

Answer 3

non working people who are capable of working but have given up looking for a job because of state of job market

Question 4

marginally attached workers

Answer 4

would like to be employed and have looked for job before, but stopped looking

Question 5

underemployed

Answer 5

working a part-time job because they cannot find a full-time job

Question 6

actual unemployed formula

Answer 6

natural unemployment + cyclical unemployment

Question 7

natural rate of unemployment (NRU)

Answer 7

frictional unemployment + structural unemployment

Question 8

types of unemployment

Answer 8

frictional, structural, cyclical, seasonal

Question 9

frictional

Answer 9

have transferable skills
between jobs, voluntary, good for individual and society (they leave work to allow new workers)

Question 10

structural

Answer 10

doesn’t have transferable skills
associated with lack of skills or declining industry
more people seeking jobs than jobs available

Question 11

cyclical

Answer 11

associated with downturns/recessions in Buisness cycle
bad for society and individuals

Question 12

unemployment rate

Answer 12

number of unemployment/total labor force X 100

Question 13

labor force participation rate

Answer 13

labor force/population of 16 and older X 100