Economics-Today,-17thEdition---Miller Chapter 7 The Macroeconomy: Unemployment, Inflation, and Deflation 7.1 Unemployment

Which of the following is true of unemployment?Which of the following is true about the labor force?A country's labor force is equal toWhich of the following people would be considered unemployed?The term "unemployment" is best described as the total number ofAccording to the text, during which time period did the United States have the highest unemployment rates?Individuals who have stopped looking for work because they are convinced that they will not find a job are consideredWhich federal agency publishes the United States' unemployment figures?) Over the last 125 years in the United States, unemployment reached its highest rateWhen did the United States register its lowest unemployment rate?The population of individuals at least 16 years of age can be broken into 3 groups. They areThe rate of unemployment is calculated as the number ofAccording to the Bureau of Labor Statistics, if you voluntarily leave your job to search for another job, then youOfficial unemployment rates may underestimate the true rate of unemployment because the official rateThe official unemployment rate may understate the true rate of unemployment because ofWhen Joe, who is among the highest-paid workers in a field in which there are numerous job openings across the nation, recently became unemployed, his opportunity cost of job search isIf the U.S. economy enters a recession, theThe total civilian labor force is comprised of A) the unemployed and the employed. B) only the employed. C) all individuals over 16 years of age, whether or not they work or are seeking work. D) only full-time employed individuals between the ages of 18 and 55.The labor force includes individuals who are: I. Employed II. Unemployed III. Discouraged workers A) I only. B) Both I and II. C) Both I and III. D) All I, II and III..Which of the following best fits the definition of unemployed? A) Retired and not working B) Working less than a full work week C) Not working but looking for a job D) Not working at a gainful pursuit, either in or out of the homeBy definition, the labor force participation rate is A) the percentage of institutionalized working-age individuals who are employed or seeking employment. B) the percentage of noninstitutionalized working-age individuals who are employed or seeking employment. C) the annual rate of growth in the number of people who are either employed or searching for available jobs. D) the annual rate of growth in the number of people who are unemployed and searching for available government-provided unemployment benefits.The rate of unemployment is found by A) dividing the number unemployed by the number of people in the labor force. B) dividing the number unemployed by the number employed. C) dividing the number employed by the number of people in the labor force. D) dividing the number employed by the number unemployed.Including discouraged workers in the calculation of the unemployment rate would A) increase the reported rate. B) lower the reported rate. C) not change the reported rate. D) change the reported rate, but in an unpredictable manner.Unemployment is measured as A) all teens and adults in the civilian labor force who are not working. B) all adults in the civilian labor force who are willing and able to work and who are actively looking for work, but have not found a job. C) all adults in the civilian labor force, regardless of whether or not they have been engaged in actively seeking employment, who do not have the job they want. D) all adults in the civilian labor force who are not workingThe labor force is defined as the number of A) employed plus the number of unemployed. B) people who are working. C) people who are working in labor-type jobs. D) union members who are workingThe U.S. Department of Labor classifies all individuals in the United States as A) labor force participants. B) either employed, unemployed, or not in the labor force. C) either overemployed or underemployed. D) potential employeesA person who previously had a full-time job has been paroled from prison and has applied for a job is considered A) a reentrant. B) a job loser. C) a new entrant. D) not in the labor force.Increases in the duration of unemployment may A) reflect a general downturn in economic activity that depresses job openings. B) increase the number of discouraged workers. C) increase the unemployment rate. D) all of the aboveWhich category of unemployed individuals makes up the greatest share of those who are unemployed? A) New entrants B) Reentrants C) Job losers D) Job leaversWhich of the following is a stock variable? The number of A) unemployed people. B) reentrants. C) job losers. D) job leaversThe number of people that are fired in a month is A) a stock. B) a flow. C) both a stock and a flow. D) neither a stock nor a flow.When there is an increase in the duration of unemployment, the U.S. Congress typically responds by A) lowering income taxes. B) extending unemployment benefits. C) encouraging unemployed U.S. workers to seek employment overseas. D) redefining "unemployed" so the unemployment rate does not look so badThe labor-force participation rate shows the percentage of A) people not working, but who want to work. B) people who are not actively participating in meaningful economic activity. C) new entrants into the labor force. D) non-institutionalized working-age people who are actually working or seeking employmentThe largest major change in the U.S. labor force participation rate during the last few decades has been A) the number of prisoners dropping out of the labor force. B) the increase in the number of working women. C) the decrease in the number of working women. D) the increase in the number of illegal immigrants in the United States.