Exploring the Labor Force and Unemployment Rate

What is the primary purpose of tracking the employment rate?

• To track wages over time

• To measure the total number of jobs

• To assess economic health

• To count the number of companies

Which agency is responsible for calculating the unemployment rate?

• Department of Labor

• Bureau of Labor Statistics

• Federal Reserve

• Economic Analysis Bureau

Who is counted as 'employed' according to the BLS?

• Anyone over 16 years old

• Those who worked for pay in the survey month

• People looking for jobs

• All adults in the population

Which group is included in the 'marginally attached' workers?

• Full-time students

• Discouraged workers

• Employed teenagers

• Retirees

What does the BLS consider when someone is 'not in the labor force'?

• Retired or in school

• Actively looking for a job

• Working part-time

• Under 16 years old

What is the unemployment rate in Job-A-Tania after downsizing?

• 10%

• 16.5%

• 15.3%

• 8.3%

What happens to the unemployment rate if more people start looking for jobs?

• It decreases

• It stays the same

• It increases

• It is not affected

Which scenario increases the unemployment rate due to new job seekers?

• Company downsizing

• Increase in retirees

• Graduates entering the job market

• Decrease in part-time jobs

What alternative measures does the BLS provide?

• Consumer spending levels

• Economic growth rates

• Corporate profit margins

• Labor underutilization

Why do policymakers consider various labor market measures?

• To set tax rates

• To plan federal budgets

• To regulate industries

• To assess economic conditions