The Bureau of Labor Statistics (BLS) compiles information about employment by
performing a monthly survey of 60,000 households
the working-age population includes
employed and unemployed people over the age of 16
To be classified as employed...
you must work at least 1 hour per week at a paid job or 15 hours or more as unpaid workers in a family business
Suppose a 23 year old graduate student is looking for a full time job but can only find a part time job. He or She would be categorized in the Current Population Survey as __________ when calculating the unemployment rate.
employed
In the Current Population Survey, a person is considered unemployed in the person
does not have a job and is actively looking for a job
The working-age population consists of all the people in the population
aged 16 and over who are not in jail, hospitalized, an institution, or in the U.S. Armed Forces
Rob is considered unemployed in the current population survey if he
has looked for a job in the last four weeks but he has not found a job
the labor force is the
number of employed people plus the number of unemployed people
the labor force consist of
the number of people in the working-age population who are employed or unemployed
the unemployment rate is the
percentage of the labor force that does not have a job
the unemployment rate is the number of people unemployed decided by the
labor force, then multiplied by 100
Suppose the population is 300 million people, the labor force is 200 million people, the number of people employed is 185 million, and the working-age population is 170 million people. what is the unemployment rate?
185-170=15
15/200 x 100 .......7.5 %
Involuntary part-time workers are not working more hours due to
economic reasons
part-time workers are defined as people who are working
less than 35 hours per week
a main reason for the low unemployment rate form 1995 though most of the 2000s was because of
higher oil prices
the highest unemployment rate in the US history was about
52 percent in 1939
In the United States over the last 50 years
the labor force participation rate for women has increased about 60%
since 1959 the labor force participation rate in the United States has
increased for women and decreased for men
a marginally attached worker is
someone who does not have a job but is available and willing to work and has make specific but unsuccessful efforts to find a job during the past 4 weeks
people who are willing and able to work but are not looking for work because they have been discouraged by their previous futile efforts are called
discouraged workers
in part the increase in the labor force participation rate in the U.S. over the last 50 years can be attributed to
technological change in the home increasing the time available for paid employment
from 1929 to 2009 the average unemployment rate in the United States was approximately
5.7 percent
job losers are people who
are laid off
the biggest source of unemployment is
job losers
job leavers are people who
leave a job voluntarily
withdrawals are people who
decide to stop looking for a job
frictional unemployment is the result of
the normal process of jobs being created and destroyed
as firms search for the best employees to fill an opening and the unemployed search for the job that best fits their skills the economy experiences
frictional unemployment
which type of unemployment is a permanent and healthy phenomenon in a dynamic economy
frictional
which type of unemployment is a permanent and healthy phenomenon in a dynamic economy?
frictional
a reduction in unemployment compensation will
decrease the amount of frictional unemployment
bill just graduated with his degree in economics. Through Career services he submitted his resume to several companies and he will visit them during the next two weeks...bill is considered?
frictionally unemployed
Rosina Gonzales quit her job in PA and moved to CA to be closer to her family. She is currently looking for work so she would be considered
frictionally unemployed
structural unemployment is the result of
technological change or foreign competition
an employee who is fired from his or her job because he or she lacks the skills required to accomplish the task is part of ______ unemployment
structural
after 15 years with ford motor corporation, one summer cameron loses his job his boss explained that the position has been downsized after the technological advances in automobile production
stucturally unemployed
keith has just lost his job as a life guard at the beach when summer ended keith is
seasonally unemployed
the type of unemployment that arises from a decrease in real GDP is called
cyclical unemployment
cyclical unemployment is
created by a recession
at full unemployment there is no
cyclical unemployment
full employment occurs when the
structural unemployment rate equals the frictional unemployment rate
in the U.S. the highest unemployment rates occur amount
black teenagers
cyclical unemployment
fluctuates over the business cycle
natural unemployment equals the some of
frictional, seasonal, and structural unemployment
potential GDP is reach when
there is no cyclical unemployment
as the unemployment rate increases
real GDP decreases