QUESTION 21 A person is classified as employed by the Bureau of Labor Statistics

Question

QUESTION 21

A person is classified as employed by the Bureau of Labor Statistics (BLS) if he/she:

worked 15 hours on a family-owned farm during the survey week, but was not
paid.

held a part-time job while searching for a full-time, permanent position.

worked as little as 1 hour for pay during the survey week.

All of the above would be classified as employed

5 points   

QUESTION 22

155 million; 6.5

155 million; 6.9

145 million; 6.5

145 million; 6.9

5 points   

QUESTION 23

Which of the following best describes an individual that is structurally unemployed?

A new college graduate who is currently without a job but who has had several interviews that promise to result in job offers

A skilled engineer who is unable to find an engineering position due to a downturn in the overall economy

A former production line worker who has been unable to find a job in manufacturing after he/she was replaced by a robot

An agricultural worker who does not have work in the winter months

5 points   

QUESTION 24

Frictional unemployment occurs when:

workers do not have the skills demanded in labor markets.

there is inadequate demand for labor.

workers leave one job to search for another.

the number of unemployed workers exceeds the number of job vacancies.

5 points   

QUESTION 25

A skilled individual who has been laid off due to a downturn in overall economic activity is considered to be ______________________ if he/she is unable to find another job.

cyclically unemployed

seasonally unemployed

underemployed

a discouraged worker

5 points   

QUESTION 26

Official unemployment statistics are more likely to understate the true unemployment problem when:

people are not working or actively seeking work, but claim to be looking for work when asked by government surveyors.

underemployed workers are counted among the employed and there are discouraged workers.

the Bureau of Labor Statistics is unable to contact some of the households randomly selected for the survey.

unemployment is frictional rather than structural in nature.

5 points   

QUESTION 27

If the economy is operating at full employment, then:

the unemployment rate is zero percent.

structural and frictional unemployment have been eliminated.

the unemployment rate is equal to the natural rate.

cyclical unemployment is greater than the sum of structural and frictional
unemployment.

5 points   

QUESTION 28

The type of unemployment associated with recessions is:

seasonal unemployment.

structural unemployment.

frictional unemployment.

cyclical unemployment.

5 points   

QUESTION 29

Inflation is:

an increase in the average level of prices of goods and services over time.

not an economic problem because each individual’s income rises in proportion to
the increase in the price level.

a one-time increase in the price of all goods and services.

an increase in the purchasing power of the dollar over time.

5 points   

QUESTION 30

The purchasing power of the dollar:

is unaffected by inflation.

decreases during inflationary periods.

increases during inflationary periods.

cannot be predicted during inflationary periods.

5 points   

QUESTION 31

4.5 percent.

4.2 percent.

4 percent.

11 percent.

5 points   

QUESTION 32

$45,000.

$42,253.

$47,925.

$53,250.

5 points   

QUESTION 33

Gross Domestic Product measures the:

total market value of all final goods and services produced within the U.S.

total market value of all final goods and services produced by U.S. citizens.

market value of all intermediate goods plus the market value of all final goods
produced in the U.S.

nation’s well-being.

5 points   

QUESTION 34

The expenditure approach to calculating GDP is represented by the equation:

GDP = C + I + G + (EX - IM).

GDP = NI + net foreign factor income.

GDP = C + I + G + (EX + IM).

GDP = C + I + G – IM.

5 points   

QUESTION 35

$1,550 billion

$1,350 billion

$1,525 billion

$1,325 billion

5 points   

QUESTION 36

$225 billion

$275 billion

$250 billion

$25 billion

5 points   

QUESTION 37

$50 billion

–$25 billion

$75 billion

$25 billion

5 points   

QUESTION 38

The total income earned by factors of production in a given year is equal to:

gross domestic product.

gross national product.

national income.

personal income.

5 points   

QUESTION 39

Which of the following would be included in the 2005 GDP estimate for the U.S.?

The value of automobiles made in the U.S. in 2004 but not sold until 2005

Expenditures on used machines and equipment by American businesses in 2005

The value of time spent by households on housekeeping in 2005

An automaker’s expenditures on capital equipment produced in the U.S. in 2005

5 points   

QUESTION 40

Estimated GDP:

does not include the value of services performed in the home, such as cleaning and cooking, but does count the value of such services if they are purchased in the marketplace.

reflects the value added at each stage of production only once to avoid double- counting.

includes the value of domestically produced output sold abroad (exports) and excludes the value of foreign produced output purchased domestically (imports).

All of the above are true

worked 15 hours on a family-owned farm during the survey week, but was not
paid.

held a part-time job while searching for a full-time, permanent position.

worked as little as 1 hour for pay during the survey week.

All of the above would be classified as employed

Explanation / Answer

(These are multiple questions. I will answer some of them)

Q21. Option D
According to the BLS website (see this link- http://www.bls.gov/bls/glossary.htm#E ), upaid work of 15 hours on a family-owned farm during the survey week will be counted as employed during the survey week. Apart from that, at least one hour is a must to be counted as employed. Even part time employees are counted as employed.

Q22) Image is not showing. Save the pic on your PC and then upload it here. Don't copy paste.

Q23) Option 3
A former production line worker who has been unable to find a job in manufacturing after he/she was replaced by a robot. A structural unemployment is one where the worker cannot find the job because his skill set becomes and hence he becomes unemployed. In this case, the production line worker cannot match the skill set of a manufacturing line worker.

Q24) Option 3
workers leave one job to search for another.
Frictional unemployment takes place when workers leave one job voluntarily to look for another suitable one. This could be possibly due to relocation to a new place or looking for a better job profile.

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