Unit 4 Quiz 2

What is the definition of unemployment?

• Workers that are actively looking for a job but aren’t working.

• Workers that are not looking for a job and aren’t working.

• Workers that are employed but looking for a new job.

• Workers that are retired and not looking for a job.

What does the unemployment rate represent?

• The percent of people in the labor force who are working.

• The percent of people in the labor force who want a job but are not working.

• The percent of people in the labor force who are retired.

• The percent of people in the labor force who are in school full time.

Which of the following is NOT a criterion for being in the labor force?

• At least 16 years old

• Able and willing to work

• Not institutionalized (in hospital or jail)

• In military, in school full time, or retired

What is the formula for calculating the unemployment rate?

• Unemployment rate = (# employed / # in labor force) * 100

• Unemployment rate = (# unemployed / # in labor force) * 100

• Unemployment rate = (# unemployed / # employed) * 100

• Unemployment rate = (# in labor force / # unemployed) * 100

Is a retired grandparent considered employed, unemployed, or not in the labor force?

• Employed

• Unemployed

• Not in the labor force

• Self-employed

How is a 16-year-old student who applied for work classified?

• Employed

• Unemployed

• Not in the labor force

• Self-employed

What is the employment status of a high school student who quit work for sports?

• Employed

• Unemployed

• Not in the labor force

• Self-employed

How is a single mom looking for a second job classified?

• Employed

• Unemployed

• Not in the labor force

• Self-employed

What is the employment status of a college student who works part-time?

• Employed

• Unemployed

• Not in the labor force

• Self-employed

How is a prisoner serving a 5-year sentence classified?

• Employed

• Unemployed

• Not in the labor force

• Self-employed