CH 7 - CH 7 Question 1 Refer to the table below Calculate...

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CH 7 Question 1 Refer to the table below. Calculate the labor force participation rate for this economy. Category Number of people (millions) Institutionalized 14 Full-time workers 113 Less than 16 years of age 40 Armed forces (non-civilian) 20 Part-time workers 27 Population 314 Looking for work 14 Correct Answer: c. 64.17 % Question 2 Which of the following can lower the level of frictional unemployment over time? Correct Answer: a. An increase in the number of online job search engines. Question 3 If the real GDP in a country is at a higher output level than full employment output, then which of the following is true? i. The unemployment rate is greater than the natural rate. ii. The unemployment rate is lower than the natural rate. iii. The cyclical unemployment rate is positive. iv. The cyclical unemployment rate is negative. Correct Answer: b. ii and iv Question 4 Bonnie Austin, age 30, used to work part time in a local restaurant. This
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year she quit her job to take care of her five-month-old daughter. She is currently not looking for a job. The survey conducted by the Bureau of
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