laborexam1f02

laborexam1f02 - Midterm 1 This test is a mixture of short-...

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Economics 421 Fall 2002 Lich-Tyler Midterm 1 This test is a mixture of short- and long-answer questions. Answer them in the space provided. The short answer questions are worth 4 points apiece and can be answered with a phrase, equation, or (at most) a couple of sentences. The long answer questions are worth 20 points apiece and should be answered in a page. If you must use more space, clearly indicate that the answer is continued onto the back side of the page. Pace yourself carefully, and good luck. Short answer questions (30 minutes) 1. In order to calculate the unemployment rate, the Bureau of Labor Statistics divides all people over the age of 16 into three categories based on their work status. Name these categories. 2. What two criteria must a person meet in order to be classified as “unemployed”? 3. Suppose there are 100 million people age 16 or older. Of these, 60 million are currently working; 15 million are looking for work; and 25 million are neither working nor looking for work. What is the unemployment rate? 4.
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This note was uploaded on 03/19/2010 for the course ECON 480 taught by Professor Kinlaw during the Spring '08 term at UNC.

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laborexam1f02 - Midterm 1 This test is a mixture of short-...

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