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Flashcards in Unemployment Deck (53)
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1

The highest amount of skilled and unskilled labor that could be employed within an economy at any given time

Full employment

2

People who lose their job in one industry often do not have the skills to immediately get a job in a new industry

Structural shift

3

True or false: when there is full employment the number of jobseekers is approximately equal to the number of job vacancies

True

4

True or false: phone plan it means that everyone in the population is employed

False

5

True or false: during periods of recession and economy usually experiences a relatively high unemployment rate

True

6

True or false: national disasters such as hurricanes have wiped out entire industries in geographic regions leaving the workforce structurally unemployed

True

7

True or false: a recent college graduate who suddenly becomes available in the job market but has yet to find his first job is an example of cyclical unemployment

False

8

And I don't work or maybe laid off during a recession this is an example of what kind of unemployment?

Cyclical

9

Voluntary unemployment like a labor strike is an example of what kind of unemployment?

Frictional

10

John completed his Masters degree and waited for three months to get selected by a company as an assistant project manager. This three-month period of unemployment is called what kind of unemployment?

Frictional

11

What kind of unemployment occurs when available workers do not match the jobs available in terms of skills or location?

Structural

12

What kind of unemployment occurs when workers are laid off because every fall into me and generally or specifically for the products they produce?

Cyclical

13

True or false: macro economics policies intending to reduce cyclical unemployment try to create jobs by increasing demand for total output

True

14

True or false: excess labor in Montana and a shortage of workers in Virginia is an example of structural unemployment

True

15

A measure of economic performance that shows changes in output per worker hour from one year to the next

Productivity

16

Wages that have been adjusted for inflation

Real wages

17

True or false: each period is a lost opportunity to develop skills and experience that may make a worker more valuable to an employer

True

18

True or false. Unemployment allows for growth in the economy

True

19

True or false. The system of income distribution in a market economy is not dependent on employment

False

20

The policy of stealing employees away from jobs by offering them a higher salaries doesn't lead to more production for the economy. Instead, this policy just rearrange is what is produced and leads to what?

Inflation

21

True or false. Full employment means that everyone in the population is employed or even that 100% of those who are able are willing to take a job

False

22

True or false. By definition and economy is at full employment with 93% to 94% of those who want to work are employed

True

23

True or false. A situation in which all available labor resources are being used in the most economically efficient way is full employment

True

24

True or false. The unemployment rate is defined as the percentage of the labor force that is actively looking for a job.

False

25

In a certain year, 143,060 of the countries residents were employed and 11,844 were unemployed. Under the formal definition for being unemployed what is the unemployment rate for that year?

7.64%

26

If the unemployment rate is 3.5% in the labor force is 250,000 what is the number of unemployed workers?

8750

27

What is the formula to calculate the unemployment rate?

Unemployed workers divided by labor force times by 100

28

The percentage of the total labor force that is unemployed but actively seeking employment and willing to work.

Unemployment rate

29

True or false. The labor force consists of those who are working and those who are actively seeking work.

True

30

True or false. The presence of discouraged workers may cause the unemployment rate to be overstated

False