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hw11 Multiple Choice Identify the choice that best completes the statement or answers the question. 1. The natural rate of unemployment is the a. unemployment rate that would prevail with zero inflation. b. rate associated with the highest possible level of GDP. c. difference between the long-run and short-run unemployment rates. d. amount of unemployment that the economy normally experiences. 2. Cyclical unemployment refers to a. the relation between the probability of unemployment and a worker's changing level of experience. b. how often a worker is likely to be employed during her lifetime. c. year-to-year fluctuations of unemployment around its natural rate. d. long-term trends in unemployment. 3. The natural rate of unemployment is the economist's notion of a. full employment. b. cyclical employment. c. structural unemployment. d. frictional unemployment. 4. Which of the following is correct? a. Some degree of unemployment is inevitable. b. Other things the same an increase in the number of people who are unemployed is associated with a decrease in real GDP. c. Cyclical unemployment is inversely related to short-run economic fluctuations in GDP. d. All of the above are correct. 5. Data on unemployment is reported a. weekly. b. monthly. c. quarterly. d. yearly. 6. Unemployment data is collected a. from unemployment insurance claims. b. through a regular survey of about 60,000 households. c. through a regular survey of about 200,000 firms. d. Unemployment data is collected using all of the above. 7. The labor force equals the a. number of people who are employed. b. number of people who are unemployed. c. number of people employed plus the number of people unemployed. d. adult population. 8. Jack is a full-time unpaid homemaker not currently searching for other work. Jill is a full-time student who is not looking for a job. Who does the BLS count in the labor force? a. only Jack b. only Jill c. both Jack and Jill d. neither Jack nor Jill 9. Who would not be included in the labor force? a. Sally, who is on temporary layoff b. Sue, who has retired and is not looking for work c. Kylie, who does not have a job, but has applied for several in the last week d. None of the above is included in the labor force. 10. A person who is counted as unemployed by the BLS is a. also in the labor force. b. must have recently looked for work or be on temporary layoff. c. be age 16 or over. d. All of the above are correct. 11. The BLS defines the unemployment rate as the percentage of a. those unemployed relative to those employed. b. the labor force that is unemployed. c. the adult population that is unemployed. d. the labor force without fulltime employment. Labor Stats The Labor Market This table shows the 2003 data for males and females ages 16 and over in the imaginary country of Meditor. ... View Full Document

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