ECON102 Chapter Notes - Chapter 21: Human Capital, Gdp Deflator, Unemployment Benefits

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lemonbeetle804

15 Jun 2018

School

University of Waterloo

Department

Economics

Course

ECON102

Professor

Maria Viola

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Chapter 21:

Unemployment: Is a major economic problem because it results in: lost incomes

and production, and lost human capital.

Working-age population: The population of people aged 15 years and older.

Labour Force: The sum of the employed and the unemployed.

Unemployment Rate: A percentage of people who are in the labour force but are

ueployed those who wats jos ut a’t fid the.

Involuntary Part-Time Rate: A percentage of people in the labour force who work

part-time but want full-time jobs.

Labour Force Participation Rate: The percentage of the working-age population

who are members of the labour force.

Employment to Population Ratio: The percentage of people of working age who

have jobs.

Discouraged Searcher: A person who currently is neither working nor looking for

work but has indicated that he or she wants a job, is available for work, and has

looked for work in the recent past but has stopped due to repeated failure.

Long-term future starts: Those with a job starting in over 4 weeks.

Frictional Unemployment: Is a permanent and healthy part in a dynamic growing

economy. Results from changes in stages of life and the unending process of job

creation and destruction.

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Unemployment: is a major economic problem because it results in: lost incomes and production, and lost human capital. Working-age population: the population of people aged 15 years and older. Labour force: the sum of the employed and the unemployed. Unemployment rate: a percentage of people who are in the labour force but are u(cid:374)e(cid:373)ployed (cid:894)those who wa(cid:374)ts jo(cid:271)s (cid:271)ut (cid:272)a(cid:374)"t fi(cid:374)d the(cid:373)(cid:895). Involuntary part-time rate: a percentage of people in the labour force who work part-time but want full-time jobs. Labour force participation rate: the percentage of the working-age population who are members of the labour force. Employment to population ratio: the percentage of people of working age who have jobs. Long-term future starts: those with a job starting in over 4 weeks. Frictional unemployment: is a permanent and healthy part in a dynamic growing economy. Results from changes in stages of life and the unending process of job creation and destruction.

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

Imagine a hypothetical economy with a population of 100 people, 80 of which over sixteen. Forty-eight of these people who are working and twelve people who are willing, able, and looking for work, cannot find jobs. What is the unemployment rate in this economy?

Suppose that 10 of those unemployed people get discouraged and give up looking for work. What is the unemployment rate in this economy? (enter percentage as a whole number, not a decimal, no percentage sign).

ultramarinegerbil337

ECON102 Chapter Notes - Chapter 21: Human Capital, Gdp Deflator, Unemployment Benefits

ECON102 Full Course Notes

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