1. Which is the correct way to calculate the unemployment rate? B. [(Unemployed)

Question

1. Which is the correct way to calculate the unemployment rate? B. [(Unemployed)/( Labor force)] × 100 D. [(Labor force)( Unemployed)] × 100 (Population x 100 C. [(Labor force)/(Population)] x 100 2.A nation has a population of 300 million people. Of these, 80 million are retired, in the military, in institutions, or under 16 years old. There are 210 million who are employed and 10 million who are unemployed. What is the unemployment rate? A. 3.3 percent B. 3.6 percent C. 4.3 percent D. 5.2 percent 3. The total population of an economy is 175 million, the labor force is 125 million, and the number of unemployed is 8 million. The unemployment rate for this economy is: A. 4.6 percent. B. 5.8 percent. C. 6.4 percent. D. 7.8 percent. 4. A headline reads: "Steel industry suffers slump as import competition increases; unemployment rises." This type of unemployment can best be characterized in economic terms as: A. frictional. B. structural. C. cyclical. D. natural. 5. A worker who loses a job at a call center because business firms switch the call center to another country is an example of A. frictional unemployment. C. cyclical unemployment B. structural unemployment. D. disguised unemployment. 6. When a group of workers finds that their job skills and work experience have become obsolete and are not needed by industry, this type of unemployment is: A. search B. frictional. C. structural D. cyclical. 7. The natural rate of unemplovyment: A. means that the economy will always operate at its natural rate. B. means that the economy will always realize its potential output. C. is equal to the total of frictional and structural unemployment. D. is a fixed unemployment rate that does not change over time 8. The amount by which potential GDP exceeds actual GDP is one measure of the: A. natural rate of unemployment unemployment. C. difference between real and nominal GD B. opportunity cost of cyclical D. difference between real and 9. The higher the rate of unemployment A. the larger the GDP gap C. the higher the level of actual GDP B. the smaller the GDP gap. D. the higher the level of potential GDP 10. An expected decline in the prices of consumer goods will A. decrease aggregate demand. C. increase aggregate demand. B. increase the quantity of real domestic output demanded D. decrease the quantity of real domestic output demanded.

Explanation / Answer

1. Unemployment rate = (Unemployed / Labor force ) *100

OPTION B

2. Unemployment rate = (10 million / (210 + 10) ) *100 = 4.5

OPTION C
3. Unemployment rate = (8 / 125 ) *100 = 6.4%

OPTION C

4. OPTION A

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