ECON 203 Lecture Notes - Lecture 2: Fiat Money, Market Basket, Money Supply

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pucecicada191

24 Jan 2017

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Us isn"t producing close to production possibilities frontier. 2013: only 58. 6% of americans aged 16 and older had jobs. If you"re not actively looking for a job, you"re not unemployed. Employment rate better indicator of production than unemployment rate. Unemployment rate = unemployed / labor force (calculated by bureau of labor stats) Employment rate: percentage of working age civilian, non-jailed pop that"s employed. Unemployed: actively looking for a job but not working. Women labor force participation rate is up, and the total labor force grew even as men left (also have a lower unemployment rate than men) Labor force participation rate = labor force / working age, no jail population. Down since recession really bad growth into the future. Biggest decline in # of people working since wwii: baby boomers retiring, affordable health care act free up some people from working . Human costs: stress, sadness, social ills (divorce, suicide, murder up)

Related Questions

1) The working-age population includes

A) those in jails and hospitals.

B) youngsters between the ages of 14 and 16 if they are working at least part time.

C) employed and unemployed people over the age of 16.

D) only employed people over the age of 16.

E) people over the age of 16 who are in the Army.

2) The labor force includes people who

i.are less than 16 years of age.

ii.are in institutions.

iii.are actively seeking a job but do not have a job.

A) i only

B) i and iii

C) i and ii

D) iii only

E) i , ii, and iii

3) Assume the U.S. population is 275 million. If 210 million people are of working age, 135 million are employed, and 6 million are unemployed, what is the size of the labor force?

A) 275 million

B) 141 million

C) 135 million

D) 210 million

E) 204 million

4) The unemployment rate is the number of people unemployed divided by the

A) population, then multiplied by 100.

B) labor force participation rate, then multiplied by the population.

C) labor force, then multiplied by 100.

D) number of people employed, then multiplied by 100.

E) working-age population, then multiplied by 100.

5) Suppose the population is 220 million people, the labor force is 150 million people, the number of people employed is 130 million, and the working-age population is 175 million people. What is the unemployment rate?

A) 9.0 percent

B) 13.3 percent

C) 11.4 percent

D) 15.4 percent

E) 20 percent

6) Suppose the working-age population is 220 million, the labor force is 150 million, and the unemployment rate is 10 percent. The number of unemployed people is

A) 15 million.

B) 22 million.

C) 37 million.

D) 7 million.

E) 70 million.

7) The labor force participation rate is the

A) labor force divided by the working-age population, then multiplied by 100.

B) number of people employed divided by the labor force, then multiplied by 100.

C) labor force divided by the population, then multiplied by 100.

D) discouraged workers divided by the labor force, then multiplied by 100.

E) number of people employed divided by the population, then multiplied by 100.

8) If the number of employed people is 150 million, the number of unemployed people is 50 million, and the working-age population equals 285 million people, the labor force participation rate is

A) 70.2 percent.

B) 81 percent.

C) 17.5 percent.

D) 25 percent.

E) 52.6 percent.

9) A discouraged worker is

A) a person who is not happy with his or her job.

B) someone who works part time but wants full-time work.

C) someone who is asked to work overtime everyday.

D) someone who does not have a job but has given up looking.

E) another name for an unemployed worker.

coppermarten219

1) The working-age population includes

A) those in jails and hospitals.

B) youngsters between the ages of 14 and 16 if they are working at least part time.

C) employed and unemployed people over the age of 16.

D) only employed people over the age of 16.

E) people over the age of 16 who are in the Army.

2) The labor force includes people who

i. are less than 16 years of age.

ii. are in institutions.

iii. are actively seeking a job but do not have a job.

A) i only

B) i and iii

C) i and ii

D) iii only

E) i , ii, and iii

3) Assume the U.S. population is 275 million. If 210 million people are of working age, 135 million are employed, and 6 million are unemployed, what is the size of the labor force?

A) 275 million

B) 141 million

C) 135 million

D) 210 million

E) 204 million

4) The unemployment rate is the number of people unemployed divided by the

A) population, then multiplied by 100.

B) labor force participation rate, then multiplied by the population.

C) labor force, then multiplied by 100.

D) number of people employed, then multiplied by 100.

E) working-age population, then multiplied by 100.

A) 9.0 percent

B) 13.3 percent

C) 11.4 percent

D) 15.4 percent

E) 20 percent

6) Suppose the working-age population is 220 million, the labor force is 150 million, and the unemployment rate is 10 percent. The number of unemployed people is

A) 15 million.

B) 22 million.

C) 37 million.

D) 7 million.

E) 70 million.

7) The labor force participation rate is the

A) labor force divided by the working-age population, then multiplied by 100.

B) number of people employed divided by the labor force, then multiplied by 100.

C) labor force divided by the population, then multiplied by 100.

D) discouraged workers divided by the labor force, then multiplied by 100.

E) number of people employed divided by the population, then multiplied by 100.

8) If the number of employed people is 150 million, the number of unemployed people is 50 million, and the working-age population equals 285 million people, the labor force participation rate is

A) 70.2 percent.

B) 81 percent.

C) 17.5 percent.

D) 25 percent.

E) 52.6 percent.

9) A discouraged worker is

A) a person who is not happy with his or her job.

B) someone who works part time but wants full-time work.

C) someone who is asked to work overtime everyday.

D) someone who does not have a job but has given up looking.

E) another name for an unemployed worker.

silvergnu415

Question 1 A recession occurs when there is a six consecutive month fall in Question 1 options:

A) real GDP.

B) nominal GDP.

C) the trade balance.

D) the price level.

Question 2 Since 1929, real GDP in the United States has grown at an average annual rate of about Question 2 options:

A) 0.5 percent.

B) 1 percent.

C) 3 percent.

D) 7.5 percent.

Question 3 Suppose that after reading a two-year low, the index of leading economic indicators rises for several months. Which of the following economic events will likely follow? Question 3 options:

A) A recession.

B) Severe inflation.

C) Increased production.

D) Reduced investment.

Question 4 Which of the following people would be officially counted as unemployed? Question 4 options:

A) A person who works only 5 hours per week for pay.

B) A full-time college student who chooses not to have a paying job.

C) A family member who works 20 hours per week in the family business without pay.

D) A jobless high-school graduate who is actively looking for work.

Question 5 Assume a country's population (age 16 and over) is 1 million people. What is the unemployment rate if there are 750,000 people in the labor force, 60,000 of whom are unemployed? Question 5 options:

A) 6%.

B) 8%.

C) 12.5%

D) 16.7%

Question 6 If a sizable number of workers were switched from full-time to half time employment, then the official unemployment rate would Question 6 options:

A) rise.

B) fall.

C) remain unchanged.

D) react unpredictably.

Question 7 Which of the following people would be classified as structurally unemployed? Question 7 options:

A) Computer programmers who lost their jobs because of a recession.

B) Construction workers who are on temporary layoff.

C) Discouraged workers who have given up looking for work.

D) Textile workers who lost their jobs because of new foreign competition.

Question 8 The economy is fully employed when there is no :

A) seasonal unemployment.

B) frictional unemployment.

C) structrual unemployment.

D) cyclical unemployment.

Question 9 The GDP gap measures the nation's monetary losses of real goods and services from :

A) operating at less than full employment.

B) discouraged workers who have stopped searching for employment. C) murders, suicides, and other sociological impacts of sustained unemployment.

D) seasonal and frictional unemployment.

Question 10 In the United States, the unemployment rate for blacks is :

A) roughly the same as the unemployment rate for whites.

B) about 1â2 percentage points higher than the unemployment rate for whites.
C) more than twice the unemployment rate for whites.

D) between 3 and 4 times the unemployment rate for whites.

ECON 203 Lecture Notes - Lecture 2: Fiat Money, Market Basket, Money Supply

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