The ​working-age population is the total number of​ _____ aged​ _____ years and over who are not in​ jail, hospital, or some other form of institutional care or in the U.S. Armed Forces.
answer
people; 16
question
The labor force is the number of people employed plus the​ _____.
answer
number unemployed
question
The unemployment rate is the percentage of the people in the​ _____ who are unemployed.
answer
labor force
question
The labor force participation rate is the percentage of the​ _____ who are members of the labor force.
answer
working-age population
question
A marginally attached worker is a person who does not have a​ job, is​ _____ and​ _____ to​ work, has​ _____ specific efforts to find a job within the previous​ _____ weeks, but has looked for work sometime in the recent past.
answer
​available; willing; not​ made; four
question
Who in the following statements is a discouraged worker​?
answer
Dan is available to work but has not looked for a job in the past eight weeks because of repeated applications but no single offer.
question
Who in the following statements is a ​full-time worker and who is a ​part-time worker​?
answer
Dan works at Subway for 8 hours each day from Monday through Friday.
Mary works at​ Starbucks' for 4 hours each day on weekends.
question
Who in the following statements is a ​part-time worker for economic reasons​?
answer
Sherrie is a graduate who started working at Safeway pharmacy for 4 hours each​ day, three days a​ week, as they do not currently have a​ full-time opening.
question
The Great Depression was a period of high​ _____, low​ _____, and extreme economic hardship that lasted from​ _____ to​ _____.
answer
unemployment; incomes;​ 1929; 1939
question
Which of the following statements illustrates frictional unemployment​?
answer
Robin is quitting his current job to find another that has better prospects.
question
Which of the following statements illustrates structural unemployment​?
answer
Outsourcing resulted in many job losses in the mid 2000s.
question
Cyclical unemployment is the fluctuating unemployment over the business cycle that increases during​ _____ and decreases during​ _____.
answer
a​ recession; an expansion
question
The natural unemployment rate is the unemployment rate when the economy is​ _____.
answer
at full employment
question
Full employment is when there is no​ _____ unemployment​ or, equivalently, when all the unemployment is​ _____ or​ _____.
answer
cyclical; frictional; structural
question
Potential GDP is the value of real GDP when all the​ economy's factors of production​ - _____,​ _____, _____, and​ _____ - are fully​ _____.
