11/30/2017 Macroeconomics Review Test #3 Fall 2017 Name: Answer All Questions& S
ID: 1122210 • Letter: 1
Question
11/30/2017 Macroeconomics Review Test #3 Fall 2017 Name: Answer All Questions& Show Your Work To Earn Points 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. O) 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. li. are in institutions. ili are actively seeking a job but do not have a job. A)ionly B) i and ii C) i and i E) i, i, and ili D) ii only 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 milliorn 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 percert 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 millionExplanation / Answer
1> C
That is the definition of the employable labor force.
2> D
People below the age of 16 or who are currently gathering human capital from institutions are not covered under labor force.
3> B
Labor force is the total of employed and unemployed people.
4> C
Unemployment rate does not depend on people who are not part of the labor force.
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