Economics Quiz

In a recent survey, it was found that a country with an adult population of about 61 million had a labor-force participation rate of 83.6 percent, and an unemployment rate of 9.8 percent. How many people were employed?

• 5.0 million

• 46.0 million

• 61 million

• 119.6 million

In a fictional country, the adult population is approximately 47 million. The labor-force participation rate is reported to be 112.8 percent, and the unemployment rate is 20.8 percent. How many people are unemployed in this scenario?

• 42 million

• 11 million

• 53 million

• 88.7 million

After graduating, Grace is taking some time to find a job that matches her skills and interests. This period of unemployment is called

• the natural rate of unemployment.

• cyclical unemployment.

• structural unemployment.

• frictional unemployment.

In a discussion about workforce trends, Evelyn noted that over the past several decades, the difference between the labor-force participation rates of men and women in the U.S. has

• gradually increased.

• remained constant.

• gradually decreased.

• been eliminated.

In a recent economics class, Avery learned that the unemployment rate is computed as the number of unemployed

• divided by the labor force, all times 100.

• divided by the number of employed, all times 100.

• divided by the adult population, all times 100.

• times the labor-force participation rate, all times 100.

Xena quit her job because she was unhappy at work. Alvina was laid off from her landscaping job because her company was downsizing. Who is eligible for unemployment insurance benefits?

• Both Xena and Alvina

• Xena but not Alvina

• Alvina but not Xena

• Neither Xena nor Alvina

If Zoe, Noah, and Avery were equally well suited for all potential jobs, then there would be no

• cyclical unemployment.

• natural rate of unemployment.

• structural unemployment.

• frictional unemployment.

In a small town, a new minimum-wage law is introduced that sets the wage above the equilibrium level. What is the likely outcome in this scenario?

• both a shortage of labor and a shortage of jobs.

• a shortage of labor and a surplus of jobs.

• a surplus of labor and a shortage of jobs.

• both surplus of labor and a surplus of jobs.

Emma is part of a government program that provides training for unemployed individuals. This initiative is primarily intended to reduce

• frictional unemployment.

• seasonal unemployment.

• structural unemployment.

• cyclical unemployment.

Suppose that the adult population in the country of Atlantis is 150 million. If 100 million people are employed and 15 million are unemployed, then

• 35 million are not in the labor force.

• 35 million are in the labor force.

• 135 million are in the labor force.

• 85 million are not in the labor force.