9. Kathryn chooses to go to college full-time rather than to work. Kathryn: a) i
ID: 1115530 • Letter: 9
Question
9. Kathryn chooses to go to college full-time rather than to work. Kathryn: a) is part of the labor force and what economists call a discouraged worker. b) is part of the labor force, but not actively seeking work. c) is considered employed. d) is not part of the labor force 10. Hometown, USA, has adult population of 120,000, labor force of 85,000 persons and employment of 75.000. The unemployment rate for the city is: a) 6.25 percent. b) c) d) 7.55 percent. 10.0 percent. 11.8 percent. 11. The labor force participation rate for the above question is percent. b) 60 percent c) 71 percent. d) 80 percent 12. The role for CPI does not include:: a) converting nominal income to real income. b) updating the amount of paycheck to match the purchasing power of the previous year. c) measuring price level for each ycar. d) reducing the statistics for unemployment rate 13. A person who is not employed and is not trying to find a job a. is counted as out of the labor force but should be counted as unemployed b. is counted as unemployed but should be counted as out of the labor force. c. is correctly counted as out of the labor force. d. is correctly counted as unemployed. 14. If the GDP of the U s increases by 5% in 2004, you expect, according to the Okun's lav. that the unemployment rate decreases by 1% b, decreases by 1.5% c, increases by 3% d. remains unchanged 15. The outcome for 2016 Presidential Election might be heavily affected by; a housewives b. retirees c. single mothers d. discouraged workers 16. The price index used to deflate nominal GDP is called: a. GDP deflator b. Producer price indexExplanation / Answer
9.
D
Students taking full time education courses are not considered as the part of labor force. These students are neither employed nor actively seeking unemployment. So, Kathryn is not the part of the labor force.
10.
D.
Working note:
Unemployment rate = Unemployed people/ labor force = (85000-75000)/85000
Unemployment rate = 11.76% or 11.8%
11.
C.
Working note:
Labor force participation rate = Labor force/population = 85000/120000
Labor force participation rate = 70.83% or 71%
12.
D
CPI is used to measure the inflation rate in the economy by observing the price. It also helps in converting the nominal income into the real income. But, it does not elaborate or reduce the unemployment rate.
13.
C
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