Week 5- Unemployment problem set

Question 1

In 2009, Economists at Congressional Budget Office estimated that___

Answer 1

5% of US labor force was unemployed.

Question 2

Report on unemployment rate should be viewed as:

Answer 2

useful but imperfect measure of joblessness.

Question 3

Frictional unemployment changes

Answer 3

in composition of demand among industries and regions.

Question 4

Frictional unemployment results from___

Answer 4

job searching.

Experience short spell of unemployment.

Question 5

Frictional unemployment takes time for workers to___

Answer 5

search for jobs that best suit their tastes and skills.

Question 6

Structural unemployment:

Answer 6

results due to number of jobs available in some labor markets may be insufficient to give a job to everyone who needs one.

Question 7

Labor force participation rate measures___

Answer 7

total adult population that in the labor force.

Question 8

BLS measures___

Answer 8

unemployment.

Question 9

National Labor Relations Board enforces____

Answer 9

worker’s right to unionize.

Question 10

When minimum-wage law forces wage to stay above supply and demand. It raises___

Answer 10

quantity of labor supplied; reduces quantity of labor demand.

Question 11

Unemployment reported by BLS are reported based on ____

Answer 11

month survey of 60k households.

Question 12

BLS produces data on unemployment___

Answer 12

monthly

Question 13

People working part-time are counted as___

Answer 13

employed by the BLS.

Question 14

Labor Force=

Answer 14

of people employed + # of people unemployed.

Question 15

Labor force participation rate equals:

Answer 15

(Labor force / Adult Population) x 100

Question 16

Mario got laid off 2 months ago. He has not searched for job since he expected to be recalled to work. His stat will be___

Answer 16

unemployed and in the labor force.