Quiz on Lecture 26: Economic Theory and Policy

What is the purpose of the Labour Force Survey (LFS) conducted by the UK government?

• To measure inflation rates

• To collect data on employment

• To analyze consumer spending

• To evaluate educational outcomes

How many households does the LFS sample during a three-month period?

• 10,000 households

• 25,000 households

• 61,000 households

• 100,000 households

What definition does the LFS use for unemployment?

• People who have never worked

• People who are retired

• People without a job who have actively sought work in the last four weeks and are available to start work within the next two weeks

• People who are studying full-time

What does it mean to be "employed" according to the categories of the population?

• Working at a paid job at the time of the survey

• Not employed but looking for a job

• Not employed and not looking for work

• Retired and not seeking employment

Who is considered "unemployed" in the categories of the population?

• Working at a paid job

• Not employed but looking for a job

• Not employed and not looking for work

• A full-time student

What does the "labour force" consist of?

• Only employed persons

• Only unemployed persons

• All employed and unemployed persons

• Only those not in the labour force

Who is considered "not in the labour force"?

• Employed individuals

• Unemployed individuals looking for work

• Not employed, not looking for work (e.g., full-time student, homemaker, retiree)

• Part-time workers

What is the formula to calculate the labour force (L) based on the given data?

• L = E + U

• L = E - U

• L = E x U

• L = E / U

How is the unemployment rate (U) calculated according to the document?

• U/L x 100%

• U x L x 100%

• U + L x 100%

• U - L x 100%

What is the labour force participation rate as per the document?

• 79.80%

• 50.00%

• 60.00%

• 70.00%