2024 Econ Unit 5 Test Review

Charles, a factory worker has lost their job and a ROBOT has taken his place. What form of Unemployed is he?

• Seasonally

• Structurally

• Cyclically

• Frictionally

CharlieBot, the robot that took Charles's job at the factory has quit its job to pursue a career in acting. What form of unemployed is CharlieBot before he lands his new gig?

• Seasonally

• Structually

• Cyclically

• Frictionally

CharlieBot has been looking for an acting job for several months now, but no longer wants to find a job at all. What form of Unemployed is CharlieBot now?

• Seasonally

• Structurally

• It's not unemployed at all - CharlieBot doesn't want a job and so is no longer unemployed.

• Cyclically

Charles has found a new job as a lifeguard but can't start yet because it's the middle of WINTER! What type of unemployed is Charles now?

• Seasonally

• Cyclically

• Structually

• Frictionally

Charles has started his job as a lifeguard but gets LAID OFF because a recession has forced people to stop having summer vacations. What form of unemployed is Charles, now?

• Seasonally

• Structually

• Frictionally

• Cyclically

Unemployment of this kind is a sign of a bad economy (Think Recession/Contraction)

• Cyclically

• Seasonally

• Structually

• Frictionally

What percentage of employment of the US labor force is considered "FULLY EMPLOYED"?

• 90%

• 100%

• 95%

• 51%

You moved from New York to Texas and are between jobs, what form of unemployed are you?

• Cyclically

• Structually

• Seasonally

• Frictionally

The formula for finding the Unemployment Rate is: The number of Unemployed DIVIDED BY___________

• Total Population

• Employed People

• The Labor Force

• Inflation

GDP stands for:

• Great Dollar Projection

• Gross Developed Product

• Gross Domestic Product

• Gross Domestic Politics