Economics CC 2 Sec ON 1 Week 2 Quiz 2

Economics CC 2 Sec ON 1 Week 2 Quiz 2 | chatbot las positas  community college

Question 1

An individual who voluntarily leaves one job and spends a period of time seeking another is considered:    

·         frictionally unemployed.    

·         cyclically unemployed.    

·         structurally unemployed.    

·         seasonally unemployed.

Question 2

Kathryn chooses to go to college full-time rather than to work. Kathryn:    

·         is not part of the labor force.    

·         is part of the labor force and what economists call a discouraged worker.    

·         is part of the labor force, but not actively seeking work.    

·         is considered employed.

Question 3

In the expansion phase of the business cycle    

·         output is rising.    

·         unemployment is falling.    

·         consumer and business confidence is high.    

·         all of the above are true.

Question 4

Which of the following is false?    

·         People looking for full-time work who grudgingly settle for a part-time job are counted as employed, even though they are only "partly" employed.    

·         Some people working in the underground economy could be counted in labor statistics as unemployed, while others may be counted as not in the labor force.    

·         Unemployment rates can be quite different across different segments of the population, as well as varying substantially over time.    

·         None of the above are false; all are true.

Question 5

Which of the following people is most likely to be structurally unemployed?

·         Brendan left his job as a short-order cook in New Jersey to become a short-order cook in Madrid, New Mexico. He was unemployed for six weeks during the transition.  

·         Mildred quit her job after giving birth to a child.  

·         Clem, a skilled corset maker, lost his job when his factory shut down due to a permanent reduction in the demand for corsets.  

·         Danielle lost her job when the electronics assembly plant was shut down temporarily due to low product sales in a slumping economy.

Question 6

In the unemployment rate, part-time workers are:    

·         not included in the labor force.    

·         included in the labor force, but counted as unemployed.    

·         treated the same way as discouraged workers.    

·         included in the labor force and counted as employed.

Question 7

In November 1995 the labor force in Aberdeen, South Dakota, was 14,800. There were 14,483 persons employed. The local unemployment rate:    

·         was 1.2 percent.    

·         was 2.1 percent.    

·         was 5.6 percent.    

·         was 7.1 percent.

Question 8

Exhibit 3

Assume the following information about a country for the following problems:

The total adult population equals 580 million;

The number of civilians employed is 360 million;

The number of civilians unemployed is 30 million

Refer to Exhibit 3. From the data provided, the unemployment rate is approximately ____ percent.

·         4.5    

·         7.7    

·         9.2    

·         5.4

Question 9

Suppose you live in a community of 100 people where everyone who is able to do so seeks work. If 80 people are over 16 years old and 72 of them are employed, what is the unemployment rate in this community?    

·         8%  

·         11.1%  

·         10%  

·         16%  

·         72%

Question 10

If a minimum wage law is passed imposing a price floor above the equilibrium price of unskilled labor and employers increasingly used efficiency wages, it would ___ unemployment and ____ the natural rate of unemployment:    

·         Increase; increase.    

·         Increase; not change.    

·         Not change, increase.    

·         Do none of the above.

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