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Chapter 14 Quiz
Where did my job go?
| Question | Answer |
|---|---|
| How many people are in the United States based on the 2008 Census? | 300 million |
| Who is employed? | Those who work at least 1 hour in the last 2 week. |
| Who is unemployed? | Full time students, the disabled, military, retirees, homemaker parents. Others who don't participate. |
| What is frictional employment? | Voluntary unemployment that occurs when the person enters the labor forces and looks for job. A recent graduate looking for her first job out of college is considered fictionally unemployed. Frictional unemployment always exist in the economy. |
| What is full employment? | The level of employment that exists when the economy is being productively efficient. |
| What is cyclical unemployment? | Unemployment associated with downturns oin the business cycle. Most economist view cyclical unemployment |
| What is structural unemployment? | Unemployment that is caused by permanent destruction of jobs in dying industry, a mismatch between skills necessary for employment and the seekers' skill set, and government program that create incentives to remain unemployed |
| Why unemployment is bad? | It affects the economy, also the view of society. |
| What is considered "discouraged workers"? | When they're unemployed in the general sense, but because do not need meeet the technical definition, the official unemployment rate doesn't reflect their number. |
| What is efficiency wages? | A wage that exceeds the market wage. Efficiency wages encourage worker productivity but also pla a role in creating unemployment. |
| What is natural rate of unemployment? | The rate of unemployment that exists when there is no cyclical unemployment present in the economy. The natural rate of unemployment is thought to be independent of the inflation rate. |
| What is creative destruction? | As one industry is being born, another industry is dying. The death of old industry frees up the land, labor, capital, and entrepreneurship that can be employed in the new industry. |
| What is employment-to-population ratio? | The percentage of the working age population that is classified as employed. |
| What is U3 | It measures those fall between the cracks of teh official rate. |
| What is U1 | It only includes people unemployed fifteen weeks or longer |
| What is U2 | It includes people who lost their job as opposed to those who have quit or those who have entered or re-entered the labor force. |
| What is U4 | It adds discouraged workers to the official unemployment rate |
| What is U5 | It includes all marginally attached workers |
| What is U6 | It is the most all-inclusive measure of unemployment and includes all of above plus those who are employed part-time because of economic reasons. |
| What is unemployment rate? | It is the percentage of the labor force that's not currently employed |
| What is labor force? | The number of employed persons plus the number of unemployed persons. |
Created by:
ohurtado15
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