Exam Study Year 10 (unemployment) Flashcards
(25 cards)
What is unemployment?
Unemployment is the situation when individuals who are capable of working are unable to find a job.
True or False: Unemployment only includes people who are actively seeking work.
True
What is the unemployment rate?
The unemployment rate is the percentage of the labor force that is unemployed.
Fill in the blank: The ______ unemployment rate includes discouraged workers who have stopped looking for work.
U-6
What are the four main types of unemployment?
Frictional, structural, cyclical, and seasonal unemployment.
Multiple Choice: Which type of unemployment is caused by economic downturns? A) Frictional B) Structural C) Cyclical D) Seasonal
C) Cyclical
What is frictional unemployment?
Frictional unemployment occurs when workers are temporarily unemployed while transitioning from one job to another.
True or False: Structural unemployment is often due to technological changes.
True
What is seasonal unemployment?
Seasonal unemployment occurs when people are unemployed at certain times of the year when demand for labor is lower.
Fill in the blank: ______ unemployment refers to the mismatch between the skills of workers and the skills needed for available jobs.
Structural
Short answer: What is the difference between the labor force and the working-age population?
The labor force includes those who are employed and unemployed but actively seeking work, while the working-age population includes all individuals of working age, regardless of employment status.
Multiple Choice: Which government agency typically reports on unemployment statistics in the U.S.? A) Department of Labor B) Federal Reserve C) Bureau of Economic Analysis D) Census Bureau
A) Department of Labor
What does the term ‘underemployment’ refer to?
Underemployment refers to individuals working in jobs that do not utilize their skills or education fully.
True or False: The natural rate of unemployment includes only frictional unemployment.
False
What is a common consequence of high unemployment rates?
Increased poverty and reduced consumer spending.
Fill in the blank: The ______ cycle refers to the fluctuations in economic activity that influence unemployment rates.
business
Multiple Choice: Which of the following is NOT a cause of structural unemployment? A) Technological advancements B) Changes in consumer preferences C) Seasonal changes D) Globalization
C) Seasonal changes
What are discouraged workers?
Discouraged workers are individuals who are not actively seeking employment because they believe no jobs are available for them.
True or False: Unemployment benefits can help reduce the impact of unemployment.
True
What is the relationship between inflation and unemployment as described by the Phillips curve?
The Phillips curve suggests an inverse relationship between inflation and unemployment; as one goes down, the other tends to go up.
Fill in the blank: The ______ effect describes the phenomenon when employers are reluctant to hire during periods of economic uncertainty.
hiring
What role does education play in unemployment rates?
Higher levels of education generally correlate with lower unemployment rates.
Multiple Choice: Which demographic group typically experiences higher unemployment rates? A) College graduates B) Teenagers C) Retired individuals D) Professionals
B) Teenagers
Short answer: How can government policies help reduce unemployment?
Government policies can help by providing job training programs, unemployment benefits, and incentives for businesses to hire.
