Econ 205 Principles of Economics Quiz # 7 Fall 2017 Multiple Choice Identify the

Question

Econ 205 Principles of Economics Quiz # 7 Fall 2017 Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. 1 The labor force equals the of of umber of e who ane who are loyed plus the number of lation 2. The unemployment rate is computed as the number of vided byw the labor force times 100 vided by the number of times lo0 ivided by the adult imes the participation rate times 100 times 100 3.Among teenagers, which group has the highest nt rate? hite males males There are no significant differences in rates across these 4. Discouraged workers re not counted either as part of the adult or as part of the labor force but not as part of the labor force of the adul of the adult e counted as None the above are correct on, and as ed 5. The natural unemployment rate includes th frictional and structura frictional nor structural rictional, but not structural

Explanation / Answer

1. The right answer is option c. the number of people employed plus the number of people unemployed.

Explanation: The labor force consists of all employed as well as the unemployed people. The labor force indicates the total number of non-military and non-institutionalized people (i.e. not in prison or mental health) above the legal age of working who are available for work.

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