Unemployment Rate and Types of Unemployment Quiz

What is the current unemployment rate in the U.S as of August 2020?

• 12.5

• 10.1

• 8.4

• 6.2

What is the equation for calculating the unemployment rate?

• Number of people unemployed / Labor force * 100

• Number of people employed / Labor force * 100

• Number of people employed / Total population * 100

• Number of people unemployed / Total population * 100

What is the labor force participation rate formula?

• Number of people employed / Labor force * 100

• Number of people employed / Working age population * 100

• Number of people in the labor force / Total population * 100

• Number of people in the labor force / Working age population * 100

Which type of unemployment is caused by workers not having the right skills for available jobs?

• Seasonal unemployment

• Cyclical unemployment

• Structural unemployment

• Frictional unemployment

What type of unemployment is the result of a downturn in the economy?

• Cyclical unemployment

• Structural unemployment

• Seasonal unemployment

• Frictional unemployment

What is the natural rate of unemployment in the U.S?

• 2-4%

• 4-6%

• 6-8%

• 8-10%

What type of unemployment is considered temporary and related to people switching jobs?

• Seasonal unemployment

• Cyclical unemployment

• Frictional unemployment

• Structural unemployment

What is the age requirement for individuals to be considered part of the labor force?

• At least 18 years old

• At least 20 years old

• At least 16 years old

• At least 14 years old

What type of workers are considered fully employed even if they are working part-time involuntarily?

• Part-time workers

• Full-time workers

• Contract workers

• Temporary workers

What term is used for individuals who stop looking for a job and are no longer considered unemployed?

• Disheartened workers

• Discouraged workers

• Disappointed workers

• Dissatisfied workers