Macro Ch.22

Each ...... the U.S. Bureau of Labor Statistics (BLS) announces the previous month’s unemployment rate and the consumer price index (CPI)

• Year

• Month

• Week

• Day

Unemployed  A person ..... years old or older who is not working, is available for work and has made specific efforts to find work during the previous 4 weeks.

• 18

• 21

• 16

• 25

Much of the increase in labor force participation between 1950 and 2000 was due to the growth in the participation rate of women between the ages of 25 and 54

• True

• False

The number of discouraged workers seems to hover around ..... percent of the size of the labor force in normal times.

• 1

• 2

• 3

• 4

The portion of unemployment that is a result of the normal turnover in the labor market; is used to denote short-run job/skill-matching problems.

• Frictional unemployment 

• Structural unemployment 

• Cyclical unemployment 

• Natural rate of unemployment 

The portion of unemployment is as a result of changes in the structure of the economy that result in a significant loss of jobs in certain industries.

• Frictional unemployment 

• Structural unemployment 

• Cyclical unemployment 

• Natural rate of unemployment 

The unemployment rate occurs as a normal part of the functioning of the economy. Sometimes taken as the sum of the frictional unemployment rate and the structural unemployment rate.

• Frictional unemployment 

• Structural unemployment 

• Cyclical unemployment 

• Natural rate of unemployment