ECON 102 _1

Economists define the unemployed as individuals who are

• Not currently working.

• Not currently working, but are actively looking for work.

• Working but looking for a different job.

• Working less than their desired amount of time.

If Omar does not have a job and is NOT currently looking for work but has looked in the past, he is considered

• unemployed and in the labor force.

• unemployed and not in the labor force.

• not in the labor force.

• unemployed.

People who are currently not working but are actively looking for work are officially classified as

• unemployed and in the labor force.

• unemployed and out of the labor force.

• employed and in the labor force.

• employed and out of the labor force.

When displaced workers require retraining before entering the labor force again, it is the result of ________ unemployment.

• cyclical

• frictional

• structural

• seasonal

We can use macroeconomic analysis to

• learn how to balance a checkbook.

• study the choices made by households.

• understand marginal changes in the macroeconomy.

• understand why economies grow.

Which prices are used to measure goods and services in calculating the nominal GDP?

• past years prices

• current prices

• average prices

• projected prices

The value of goods produced in a previous year but sold in the current year is added to the GDP for the current year.

• FALSE

• TRUE

In the determination of production of goods or services with respect to GDP, transfer payments are included.

• FALSE

• TRUE