Week 5- Unemployment problem set Flashcards Preview

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Flashcards in Week 5- Unemployment problem set Deck (16):
1

In 2009, Economists at Congressional Budget Office estimated that___

5% of US labor force was unemployed.

2

Report on unemployment rate should be viewed as:

useful but imperfect measure of joblessness.

3

Frictional unemployment changes

in composition of demand among industries and regions.

4

Frictional unemployment results from___

job searching.
Experience short spell of unemployment.

5

Frictional unemployment takes time for workers to___

search for jobs that best suit their tastes and skills.

6

Structural unemployment:

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

7

Labor force participation rate measures___

total adult population that in the labor force.

8

BLS measures___

unemployment.

9

National Labor Relations Board enforces____

worker’s right to unionize.

10

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

quantity of labor supplied; reduces quantity of labor demand.

11

Unemployment reported by BLS are reported based on ____

month survey of 60k households.

12

BLS produces data on unemployment___

monthly

13

People working part-time are counted as___

employed by the BLS.

14

Labor Force=

# of people employed + # of people unemployed.

15

Labor force participation rate equals:

(Labor force / Adult Population) x 100

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___

unemployed and in the labor force.