Suppose there are 3,000 in the population: 1,700 are employed, 300 are unemploye

Question

Suppose there are 3,000 in the population: 1,700 are employed, 300 are unemployed, and 200 are discouraged workers. The size of the labor force is:

a) 6.3%

b) 10%

c) 14.3%

d) 16.7%

Suppose there are 3,000 people in the population: 930 are employed, 70 are unemployed, and 100 are discouraged workers. What is the unemployment rate?

a) 5.0%

b) 6.3%

c) 7.0%

d) 7.5%

What is a person's classification if he or she is available for work and has actively looked for it in the past year, but not in the past four weeks?

a) Marginally attached and not in the labor force.

b) Unemployed and part of the labor force.

c) Underemployed and in the labor force.

d) A discouraged worker.

June is a highly skilled surgeon who had to take a job as a lifeguard at a local pool because she was unable to find a job in the medical field during a recession. June is considered to be:

a) not a member of the labor force.

b) unemployed.

c) underemployed.

d) a discouraged work

Jim has been out of work for more than a year and has given up trying to get a new job until the economy gets better. Jim is considered to be:

a) a member of the labor force.

b) unemployed.

c) underemployed.

d) a discouraged worker.

_____ includes workers who voluntarily quit their job to search for a better position or are moving to new a job, although it may still take several days or weeks before they can report to their new employer.

a) Frictional unemployment

b) Structural unemployment

c) Cyclical unemployment

d) Full employmen

Explanation / Answer

1. Labor force = employed + unemployed

Workers who are discouraged are not considered to be in labor force.

Labor force = (1700+300)= 2000

Therefore, the size of Labor force =( labor force / total population)*100 = (2000/3000)*100 = 66.7 ?

2. Labor force = employed + unemployed = (930+70) = 1000

Unemployment rate = no. Of unemployed / labor force = 70/1000 = 0.07 = 7?

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