ECON 214 InQuizitive ch. 7 Liberty University Solution

Assume Country X has the following statistics:

Total relevant population = 50,000,000 Full-time students = 4,200,000 Not employed and not currently searching for jobs = 6,000,000 Not employed and currently searching for jobs = 2,336,000 Currently employed = 29,664,000

Country X has a labor force of –, a labor force participation rate of –, and an unemployment rate of –.

Which of the following type(s) of unemployment are most associated with an economy that is experiencing dynamic growth and technological progress?

The unemployment rate includes discouraged workers and underemployed workers.

Based on recent statistics, which of the following individuals would have the greatest probability of being unemployed?

Which of the following represent negative and positive reasons for job separations?

A country has a noninstitutionalized population of 243 million people. Out of that number,

38 million are under the age of 16

70 million are full-time students and retirees

8 million are unemployed workers

31 million are underemployed

96 million are employed full-time

What is the labor force participation rate? Round to the nearest whole percentage.

Which of the following groups would be not be counted as unemployed when calculating the unemployment rate?

Match each form of unemployment with an example. Note that every item may not have a match.

The unemployment rate in Economy X when it is growing normally is 5%. When Economy X is in a recession, the unemployment rate is 10%. Drag each word or phrase to the appropriate blank space in order to complete the paragraph correctly.

For Economy X, the natural rate of unemployment – 5%. This rate is not due to –factors. It applies –.

Match the level of unemployment with the condition of the overall economy.

Match each scenario to the label that best represents the person’s employment situation. Labels may be used more than once.

A country has a non-institutionalized civilian adult population of 263 million. Out of that number:

85 million are students, homemakers, retirees, etc.

11 million are discouraged workers.

122 million are employed full-time.

30 million are employed part-time.

15 million are out of work and actively looking for work.

What is the unemployment rate? Round to one decimal place.

Government policies are sometimes created to help reduce different types of unemployment. Drag each government program to the appropriate type of unemployment the program would reduce.

Based on the table below, what conclusions can you draw about unemployment in the United States?

Marshall has recently lost his job and is currently receiving federal jobless benefits.

Marshall benefits by receiving income so that he can continue to goods and services while searching for a new job, which benefits society because it decreases the likelihood of an economic . On the other hand, the benefits may also cause Marshall to become incentivized to take a job and the amount of time he spends looking for work.

Click on the unemployment rate range in which the U.S. natural unemployment rate is located.

The U.S. unemployment rate of – adult workers is consistently higher than that of – adult workers, and the labor force participation rate is consistently higher for – adult workers than for – adult workers.