Introduction to the Labor Force

Participation Rate Describes....

• ratio of employed to unemployed

• ratio of labor force to adult population

• ratio of job openings to job searchers

• ratio of unemployed to adult population

The labor force is

• employed plus unemployed

• anyone who works

• all adults

• all public employees

If there are 20,000 unemployed, 300,000 employed, and 400,000 adults who choose not to work, the participation rate is approximately

• 80%

• 44%

• 71%

• 100%

If there are 2,000 unemployed, 40,000 employed, and 10,000 adults who choose not to work, the participation rate is approximately

• 4.2%

• 81%

• 71%

• 8.1%

If there is 1 unemployed, 40,000 employed, and 200 adults who choose not to work, the participation rate is approximately

• 200%

• 99%

• 97%

• 90%

In what decade did manufacturing jobs outnumber service jobs?

• 40s

• 50s

• 90s

• 2000s

What best summarized the graph?

• manufacturing jobs outnumber service jobs

• there are equal service and manufacturing jobs

• it's easier to get hired in the service industry

• service jobs outnumber manufacturing jobs

Why is the participation rate expected to decline drastically in the near future?

• baby boomers are expected to get jobs

• baby boomers are retiring

• millennials are entering the workforce

• automation is taking over jobs

Why would it matter (change the participation rate) if baby boomers retire?

• they would leave the workforce, decreasing the number of employed

• they would be exempt from the calculation

• they would increase the unemployed number

• it wouldn't really matter

In the equation (200+5000)/ 9000 what does 200 represent?

• unemployed

• employed

• military

• adult population