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Labor Force Test

Total questions: 130

Worksheet time: 2hrs 28mins

Name
Class
Date
1.

Categorize each characteristic under the correct type of policy: Monetary Policy or Fiscal Policy

Categorize the following

Can change Income Taxes

Run by the Federal Government (Congress and the President)

Has 4 Tools to regulate the economy

Can Chnage Regulations on Production- Which causes AS to shift

Can Change Government Spending which causes AD to shift

Controled by the Federal Reserve, which is the Central Bank of the US

Tools are used to change the money supply

Tools can cause ONLY the AD curve to shift

Monetary Policy
Fiscal Policy
2.

Catergorize each type of the following specific monetary and fiscal policy actions as increaseing AD, decreasing AD or Increase AS.

Categorize the following

Increase Government Spending

Increase the Money Supply

Decrease Taxes

Increase Taxes

Decrease Government Spending

Decrease the Money Supply

Decrease Regulations on Production

Decrease Taxes on Production

Increasing AD
Decreasing AD
Increasing AS
3.

Match each specific type of policy action to the proper expansionary or contractionary policy.

a)

Expansionary Fiscal Policy

1.

Decrease Taxes

Increase Gov't Spending

b)

Supply-Sind Fiscal Policy

2.

Lower Taxes & Regulations on Production

c)

Expansionary Monetary Policy

3.

Increase the Money Supply

d)

Contractionary Fiscal Poplicy

4.

Increase Taxes

Decrease Gov't Spending

e)

Contractionary Monetary Policy

5.

Decrease the Money Supply

4.

Make a recording identifying if the following statement is True or False AND explaining your response:

Statement- Monetary Policy is best used to solve Stagflation while Supply-Side Fiscal Policy should NEVER be use to attempt to solve Stagflation.

4 lines
5.

  1. Identify the correct answer to each of the prompts given based on this scenario:

  2. The Real GDP Growth Rate is 6.4%; Unemployment is at 4.2%; & the Rate of Inflation is now at 3.7%.

  1. Economic Inefficiency:​ (a)  

  2. Specific Fiscal Policy Action that should be taken: ​ (b)  

  3. Specific Monetary Policy Action that should be taken:​ (c)  

Choose from the below words
Recessionary Gap
Stagflation
Increase government spending
Decrease the money supply
Inflationary Gap
Decrease taxes on production
Increase the money supply
Decrease government spending
6.

  1. Identify the correct answer to each of the prompts given based on this image shown:

  1. Economic Inefficiency:​ ​ (a)  

  2. Specific Fiscal Policy Action that should be taken: ​​ (b)  

  3. Specific Monetary Policy Action that should be taken: ​ (c)  

  4. ​

Choose from the below words
Stagflation
Decrease regulations on production
No action should be taken
Increase taxes
Decrease the money supply
Recessionary Gap
Inflationary Gap
7.

Slides 14, 15 and 16 are all related to the same scenario.

Based on the scenario below, which curve (AD or AS) will shift AND in which direction (Left or Right) because of the specific action taken.

Scenario: Everything else remaining constant, the economy is going through a significant economic slowdown but with significant inflation as well. The president and congress act quickly to decrease regulations and taxes on production.

a)

AD shifts Left

b)

AS shifts Right

c)

AD Shifts Right

d)

AS shift Left

8.

Slides 14, 15 and 16 are all related to the same scenario.

Based on the scenario below, Identify which of the AD/AS models provided shows the proper shift (which match your answer on slide 15).

Scenario: Everything else remaining constant, the economy is going through a significant economic slowdown but with significant inflation as well. The president and congress act quickly to decrease regulations and taxes on production.

a)

Graph 1

b)

Graph 2

c)

Graph 3

9.

Slides 14, 15 and 16 are all related to the same scenario.

Based on the scenario below, Identify the change that will occur in PRICE LEVEL, REAL GDP & UNEMPLOYMENT based on your responses from slides 14 and 15.

Scenario: Everything else remaining constant, the economy is going through a significant economic slowdown but with significant inflation as well. The president and congress act quickly to decrease regulations and taxes on production.

a)

Price Level Increases;

Real GDP Decreases;

Unemployment Increases

b)

Price Level Increases;

Real GDP Increases;

Unemployment Decreases

c)

Price Level Decreases;

Real GDP Increases;

Unemployment Decreases

d)

Price Level Decreases;

Real GDP Decreases;

Unemployment Increases

10.

What does the Labor Force include according to the Bureau of Labor Statistics (BLS)?

a)

Only military people who are employed

b)

All nonmilitary people who are employed or unemployed

c)

Only people who are currently working for pay

d)

Only people who are unemployed and looking for work

11.

Which of the following is NOT a criterion for being considered "employed" by the Bureau of Labor Statistics (BLS)?

a)

Worked at least one hour for pay in the past week

b)

Worked 15+ hours without pay in a family business

c)

Held jobs but are not working due to illness, vacation, labor disputes, bad weather

d)

Being 16+ and never having worked

12.

Who are considered unemployed according to the learning material?

a)

Full-time students and retirees

b)

Those who have not looked for a job in the past four weeks

c)

Those who do not have a job and are not actively seeking work

d)

Individuals temporarily out of work or who have looked for a job within the past four weeks

13.

What term is used to describe workers who once sought work but have given up looking for a job?

a)

Unemployed

b)

Actively seeking

c)

Discouraged

d)

Employed

14.

What major shift occurred in the labor market during the 1800s?

a)

Transition from factory jobs to agriculture

b)

Shift from agriculture to factory jobs

c)

Introduction of the Information Age

d)

Decline of heavy manufacturing

15.

By the early 1900s, which sector was the bulk of the US labor market?

a)

Information technology

b)

Agriculture

c)

Heavy manufacturing

d)

Service industry

16.

In which decade did personal computers start to open a new horizon in the labor market?

a)

1950s

b)

1960s

c)

1970s

d)

1980s

17.

Over the past 100 years, how has the US economy shifted?

a)

From a service economy to a manufacturing economy

b)

From a manufacturing economy to a service economy

c)

From an agricultural economy to a manufacturing economy

d)

From a technology-based economy to a service economy

18.

As of 2009, services accounted for what percentage of private-sector employment in the U.S.?

a)

More than 60 percent

b)

More than 70 percent

c)

More than 80 percent

d)

More than 90 percent

19.

Which of the following is included in the service sector of the U.S. economy?

a)

Agriculture and mining

b)

Manufacturing and construction

c)

Financial services, banking, education, and online services

d)

Oil, gas, and natural resources

20.

What was one of the reasons for layoffs in the manufacturing sector in 2005?

a)

Increase in minimum wage

b)

Outsourcing

c)

Improved working conditions

d)

Higher education standards

21.

What is outsourcing?

a)

The process of hiring more employees

b)

The movement of some of a company's operations to another company

c)

The internal restructuring of a company

d)

The expansion of a company's operations domestically

22.

What is offshoring?

a)

Moving production within the same country to reduce costs

b)

Moving production to companies with cheaper wages and less regulation to produce at a lower cost

c)

The process of hiring offshore teams for customer service

d)

The expansion of a company's operations to offshore markets

23.

Why have some American firms moved production to other companies according to the text?

a)

To improve product quality

b)

To comply with environmental regulations

c)

To take advantage of cheaper wages and less regulation

d)

To support local economies

24.

What has been a trend among Americans as the demand for manufacturing workers drops?

a)

Spending less time in school

b)

Moving abroad for work

c)

Spending longer in school

d)

Starting their own businesses

25.

What was the typical profile of an American worker in the 1950s?

a)

College graduate with a part-time job

b)

High school graduate with a 40-hour-a-week job

c)

Uneducated with a temporary job

d)

High school dropout with a full-time job

26.

What is human capital?

a)

The financial assets owned by a worker

b)

The total number of hours worked in a lifetime

c)

The education, training, and experience that make a worker useful in the workplace

d)

The physical strength a worker brings to a job

27.

According to the current trend, how does education affect income?

a)

More education leads to lower median income

b)

Education has no impact on median income

c)

Less education leads to higher median income

d)

Generally, more education leads to higher median income

28.

What is the Screening Effect theory?

a)

The theory that a college degree guarantees a job

b)

The theory that having a college degree signals to employers that an applicant is hardworking and intelligent

c)

The theory that only high school graduates are eligible for employment

d)

The theory that work experience is more important than education

29.

By 2010, what was the percentage of women in the labor force?

a)

Almost 38%

b)

Over 62%

c)

About 50%

d)

Under 30%

30.

What can some immigrants in the US become after initially coming in as guest workers?

a)
Refugees
b)
Tourists
c)
Students
d)
Permanent residents or citizens
31.

According to the Bureau of Labor Statistics, how much have real wages fallen in the past 27 years?

a)

$19

b)

$27

c)

$30

d)

$50

32.

What percentage of worker compensation do benefits make up?

a)

19%

b)

27%

c)

30%

d)

50%

33.

Which factor contributes to companies cutting employee wages?

a)

Decrease in foreign competition

b)

Decrease in temp and contract work

c)

High competition forces companies to cut employee wages

d)

Decrease in Social Security and Medicare tax rates

34.

What is becoming a more attractive option to employers due to increasing Social Security and Medicare tax rates?

a)

Permanent employment

b)

Offshoring and temp work

c)

Increasing benefits

d)

Reducing worker compensation

35.

Which of the following groups are not counted as part of the workforce?

a)

Military Personnel

b)

Institutionalized individuals (prison, hospitals)

c)

Retired workers

d)

All of the above

36.

What is the United States shifting from in terms of its economy?

a)

Manufacturing economy to a service economy

b)

Service economy to a manufacturing economy

c)

Agricultural economy to a manufacturing economy

d)

Manufacturing economy to an agricultural economy

37.

Who is considered unemployed?

a)

Someone who is temporarily laid off from their job

b)

Someone who will report to a new job within 30 days

c)

Someone who is not working but has looked for work in the last 4 weeks

d)

All of the above

38.

Which category of labor requires no specialized skills, education, or training?

a)

Unskilled Labor

b)

Semi-Skilled Labor

c)

Skilled Labor

d)

Professional Labor

39.

Who is considered employed?

a)

Someone who worked at least one hour for pay within the last week

b)

Someone who worked 15 or more hours without pay in a family business

c)

Someone who held a job but did not work due to illness, vacation, labor disputes, or bad weather

d)

All of the above

40.

What does the Equal Pay Act of 1963 and Title VII of the Civil Rights Act of 1964 state?

a)

Everyone in the same workplace, performing the same job, should receive the same amount of pay

b)

Age, gender, race, ethnicity, etc. should not matter in determining pay

c)

Both A and B

d)

None of the above

41.

What is the term used to describe the unofficial barrier that prevents some women and minorities from advancing to top-level positions in companies?

a)

The Glass Ceiling

b)

The Invisible Barrier

c)

The Advancement Barrier

d)

The Career Limit

42.

What is the reason for the increase in demand for skilled labor?

a)

Fewer jobs available without a college degree

b)

Rising wages for skilled workers

c)

Increased automation in the manufacturing sector

d)

All of the above

43.

Why do college graduates earn more money?

a)

Education increases productivity and results in higher wages

b)

Completion of college indicates intelligence and hard work

c)

Both A and B

d)

None of the above

44.

What is a benefit of temporary employment?

a)

Flexible work arrangements

b)

Easy discharge due to lack of severance pay

c)

Paid less and receive fewer benefits than full-time employees

d)

All of the above

45.
The number one cause of child labor is:
a)
No Education
b)
Factory Work
c)
Poverty
d)
Sweatshops
46.

What were photographs such as this one taken by Lewis Hine primarily intended to accomplish?

a)

Encourage leaders to make segregation in schools illegal

b)

Document labor conditions during an economic crisis

c)

Depict the evils of capitalism in communist propaganda

d)

Focus attention on the need for child labor reforms

47.

True or False? Child labor only happened in the US during the early 1900s

a)

True

b)

False

48.

True or False? Child laborers made the same wages as adults

a)

True

b)

False

49.

True or False? Compared to child who did not work, child laborers had many more health issues as adults

a)

True

b)

False

50.

Participation Rate Describes....

a)

ratio of employed to unemployed

b)

ratio of labor force to adult population

c)

ratio of job openings to job searchers

d)

ratio of unemployed to adult population

51.

The labor force is

a)

employed plus unemployed

b)

anyone who works

c)

all adults

d)

all public employees

52.

If there are 20,000 unemployed, 300,000 employed, and 400,000 adults who choose not to work, the participation rate is approximately

a)

80%

b)

44%

c)

71%

d)

100%

53.

If there are 2,000 unemployed, 40,000 employed, and 10,000 adults who choose not to work, the participation rate is approximately

a)

4.2%

b)

81%

c)

71%

d)

8.1%

54.

In what decade did manufacturing jobs outnumber service jobs?

a)

40s

b)

50s

c)

90s

d)

2000s

55.

What best summarized the graph?

a)

manufacturing jobs outnumber service jobs

b)

there are equal service and manufacturing jobs

c)

it's easier to get hired in the service industry

d)

service jobs outnumber manufacturing jobs

56.

Why is the participation rate expected to decline drastically in the near future?

a)

baby boomers are expected to get jobs

b)

baby boomers are retiring

c)

millennials are entering the workforce

d)

automation is taking over jobs

57.

Why would it matter (change the participation rate) if baby boomers retire?

a)

they would leave the workforce, decreasing the number of employed

b)

they would be exempt from the calculation

c)

they would increase the unemployed number

d)

it wouldn't really matter

58.

In the equation (200+5000)/ 9000 what does 200 represent?

a)

unemployed

b)

employed

c)

military

d)

adult population

59.

In the equation (200+5000)/ 9000 what does 9000 represent?

a)

unemployed

b)

employed

c)

military

d)

adult population

60.

Which area has the most STEM workers?

a)

DC

b)

WA

c)

CA

d)

There is not enough information to determine.

61.

Which area has the highest proportion of STEM workers?

a)

DC

b)

WA

c)

CA

d)

There is not enough information to determine.

62.

Which statement accurately summarizes the graphic?

a)

The labor force is shrinking

b)

The population of 16 year old or over is growing faster than the labor force.

c)

Unemployment rates are declining

d)

The green bars are the smallest

63.

How many years during the reporting period did the private service industry shrink?

a)

0

b)

1

c)

2

d)

3

64.

Where would you expect the most job openings to be?

a)

home healthcare

b)

private service jobs

c)

community care

d)

care for the elderly

65.

Which statement best describes the data?

a)

wages went down in 2008

b)

wage increases went down in 08-09

c)

wages are rising faster now than the peak in 08-09

d)

none of these

66.

How does Phoenix compare to San Jose

a)

Phoenix lost more jobs

b)

Phoenix created fewer jobs

c)

Phoenix created more jobs

d)

Phoenix home sales declined

67.

where were the most new jobs?

a)

Phoenix

b)

Los Angeles

c)

New York

d)

Shreveport

68.

Summarize the data?

a)

Teachers make more money than other college grads

b)

Teachers make more now than they did in the mid 90s

c)

Teachers make less now than in the mid 90s

d)

the wage gap is closing

69.

Summarize the data?

a)

the wage gap is closing

b)

Teachers make more now than they did in the mid 90s

c)

Teachers make less now than in the mid 80s

d)

the wage gap is increasing

70.

Who is losing jobs the fastest?

a)

Mail Carriers

b)

Drill Operators

c)

Farmers

d)

Logging Worker

71.

Who is losing jobs the fastest?

a)

Newspaper Reporter

b)

Drill Operators

c)

Farmers

d)

Insurance Underwriter

72.

Who is Canada's main trade partner?

a)

France

b)

Mexico

c)

The U.S.

d)

Great Britain

73.

Who typically ends up paying tariffs?

a)

consumers

b)

The International Monetary Fund

c)

Congress

d)

Exporters

74.

Match the following Trade Agreements.

a)

USMCA

1.

Trade agreement between US, Mexica and Canada

b)

Mercosur

2.

Trade agreement among South American Countries

c)

CAFTA -DR

3.

Trade Agreement among Central American countries

d)

CPTPP

4.

Trade Agreement between Canada, Mexico and Asia-Pacific Countries

75.

What was the primary purpose of labor unions during the Second Industrial Revolution?

a)

To increase the number of working hours

b)

To improve wages and working conditions

c)

To promote child labor

d)

To support factory owners

76.

What was a common reason for strikes and protests during the Second Industrial Revolution?

a)

Demand for longer working hours

b)

Demand for better wages and working conditions

c)

Support for child labor

d)

Increase in factory production

77.

Which of the following was a significant change in the factory system during the Second Industrial Revolution?

a)

Introduction of manual labor

b)

Implementation of assembly lines

c)

Decrease in machine use

d)

Increase in home-based work

78.

What was one of the main goals of child labor laws during the Second Industrial Revolution?

a)

To increase the number of working children

b)

To ensure children received education

c)

To promote factory work for children

d)

To reduce adult employment

79.

Which organization was focused on achieving specific benefits for its members during the Second Industrial Revolution?

a)

The Knights of Labor

b)

The Industrial Workers of the World

c)

The National Child Labor Committee

d)

The American Federation of Labor

80.

What was a typical working condition in factories during the Second Industrial Revolution before improvements were made?

a)

Safe and clean environments

b)

Long hours with low pay

c)

Short hours with high pay

d)

Flexible working hours

81.

Which of the following was a result of improved working conditions during the Second Industrial Revolution?

a)

Decrease in worker productivity

b)

Increase in worker satisfaction

c)

Increase in child labor

d)

Decrease in factory safety

82.

What was a common method used by workers to demand better conditions during the Second Industrial Revolution?

a)

Forming alliances with factory owners

b)

Organizing strikes and protests

c)

Increasing production rates

d)

Working longer hours

83.

Which of the following best describes the factory system change during the Second Industrial Revolution?

a)

Transition from machine-based to manual labor

b)

Introduction of mass production techniques

c)

Reduction in the use of technology

d)

Increase in home-based production

84.

What was a significant outcome of strikes and protests during the Second Industrial Revolution?

a)

Decrease in worker rights

b)

Improvement in labor laws

c)

Increase in child labor

d)

Reduction in factory safety

85.

What was one of the main reasons for changes in the factory system during the Second Industrial Revolution?

a)

To reduce the use of technology

b)

To increase production efficiency

c)

To promote manual labor

d)

To decrease worker productivity

86.
_______ is when workers refuse to work in order to force an employer to meet their demands.
a)
labor unions
b)
party
c)
strike
d)
sweatshop
87.

What is the term for when an employer can only hire a union member?

a)

closed shop

b)

lockout

c)

strike

d)

"yellow-dog" contract

88.

Voluntary worker organizations that wanted help with labor issues were called:

a)

mens clubs

b)

proletariat

c)

labor unions

d)

strikes

89.

The negotiation of wages and other conditions of employment by an organized body of employees

a)

Labor Unions

b)

Workers Rights

c)

Worker Strikes

d)

Collective Bargaining

90.

Why do college graduates earn more money?

a)

Education increases productivity and results in higher wages

b)

Completion of college indicates intelligence and hard work

c)

Both A and B

d)

None of the above

91.

Which of the following groups are not counted as part of the workforce?

a)

Military Personnel

b)

Institutionalized individuals (prison, hospitals)

c)

Retired workers

d)

All of the above

92.

A 40 year old man living at home collecting a disability check.

a)

Employed

b)

Unemployed

c)

Not counted / Not in the Labor Force

93.

A full time construction worker working 60+ hours a week at $18 per hour plus overtime pay.

a)

Employed

b)

Unemployed

c)

Not in the Labor Force

d)

Not Applicable / Not Counted

94.

Which of the following best defines unemployment?

a)

The state of being able to work and actively seeking work, but unable to find employment

b)

The state of being able to work, but choosing not to

c)

The percentage of the labour force that is able and actively seeking work, but cannot find employment

d)

The total number of people who do not work

95.

The economy is

a)

all the worlds economies and how they are linked

b)

the ways people make, buy, and sell goods and services

c)

buying or selling items online

96.

WHAT IS A BIG THING TO CONSIDER WHEN PLANNING A CAREER?

4 lines
97.

HAVING A STRONG ECONOMY MEANS THERE ARE MORE JOBS AVAILABLE?

a)

TRUE

b)

FALSE

98.

Match the following terms to the defintions

a)

Industry

1.

economic activity, making finished goods

b)

Raw Materials

2.

the basic material of a product

c)

Finished (or Manufactured) Goods

3.

The product made from raw materials.

d)

Factory

4.

A large building, machinery makes goods

e)

factory worker

5.

a person who works in a factory

99.

Match the following terms

a)

Union

1.

Group that works for better conditions.

b)

Wages

2.

Money earned by working in a factory

c)

Moral

3.

knowing right from wrong

d)

Economic

4.

relating to making money

e)

Working conditions

5.

the environment of the workplace

100.

What is this picture showing?

a)

Child Labor

b)

Farming

c)

Factory Workers

101.

What is this picture showing?

a)

Child Labor

b)

Wages

c)

Labor Unions

102.

Match the following phases with their correct position in the U.S. business cycle.

a)

Contraction/Recession

1.

Phase before a trough

b)

Peak

2.

Phase following a recovery/expansion

c)

Recovery/Expansion

3.

Phase following a trough

d)

Stagnation

4.

Phase characterized by little to no growth

103.

What is the minimum age mentioned for adult civilians to be considered employed? (a)  

Choose from the below words

18 years old

16 years old

21 years old

30 years old

104.

Match the following employment statuses with the correct description of whether they are considered part of the employed workforce.

a)

Full-time workers

1.

Individuals working 40 hours a week or more

b)

Part-time workers

2.

Individuals working less than 40 hours a week

c)

Business owners

3.

Individuals owning and operating their own business

d)

Retired individuals

4.

Individuals who have ended their working or professional career

105.

Match the following causes with their types of unemployment.

a)

weather, holidays, tourism cycles

1.

Seasonal unemployment

b)

Machines replacing workers

2.

Structural unemployment

c)

Short-term fluctuations in the economy

3.

Cyclical unemployment

d)

Increase in the minimum wage

4.

Frictional unemployment

106.

What is considered the natural rate of unemployment that indicates a normal/healthy economy in the United States?

a)

2 to 3 percent

b)

5 to 6 percent

c)

7 to 8 percent

d)

4 to 5 percent

107.

Match the following descriptions with the correct status regarding eligibility for unemployment insurance.

a)

People who are laid off due to company downsizing

1.

Eligible for unemployment insurance due to involuntary job loss

b)

People who quit their job without a valid reason

2.

Ineligible for unemployment insurance due to voluntary job resignation without valid cause

c)

People who are currently employed but looking for a new job

3.

Ineligible for unemployment insurance as they are currently employed

d)

People who have been unemployed for less than a month

4.

Eligibility for unemployment insurance not determined by duration of unemployment alone

108.



A person who is laid-off (a)   ​

Choose from the below words
is considered part of the labor force
Is not considered part of hte labor force
109.



A person who has never worked but is seeking employment (a)   ​

Choose from the below words
is considered part of the labor force
Is not considered part of hte labor force
110.



Jailed Person or other "institution (a)   ​

Choose from the below words
Is not considered part of hte labor force
is considered part of the labor force
111.



A person who has lost their job and is currently looking for work (a)   ​

Choose from the below words
is not considered part of the labor force
is considered part of the labor force
112.



A person who has lost their job and is currently looking for work (a)   ​

Choose from the below words
Is not considered part of hte labor force
is considered part of the labor force
113.

How did President Lyndon B. Johnson contribute to the United States' anti-poverty programs?

a)

Official minimum income

b)

Increasing discrimination

c)

The Civil Rights Act of 1964

d)

The "War on Poverty"

114.

Match each type of inflation to the best definition.

a)Demand-Pull Inflation
b)Cost-Push Inflation
1
2
1)
2)
115.

Which experience would make someone more likely to live in poverty?

a)

If a new machine has replaced human jobs

b)

If they did not graduate high school

c)

If they are a single parent

d)

All choices are correct.

116.

Which of the following is not an effect of inflation?

a)

Decreasing real returns on savings​

b)

Increasing interest rates​

c)

Eradication of the market basket

d)

Decreasing value of the dollar​

117.

Which choice best describes poverty threshold?

a)

A situation in which a person lacks the income and resources to achieve a minimum standard of living​

b)

Official minimum income (as a dollar amount) needed for the basic necessities of life​

c)

Percentage of people living in households with incomes below poverty threshold​

d)

The way income is divided among people in a nation​

118.

Economists define poverty as:

a)

Percentage of people living in households with incomes below poverty threshold​

b)

A situation in which a person lacks the income and resources to achieve a minimum standard of living​

c)

The way income is divided among people in a nation​

d)

Official minimum income needed for the basic necessities of life​

119.

How do economists define the inflation rate?

a)

The costs of goods and services frequently purchased by consumers

b)

Sharp increases in prices of raw materials or energy​

c)

Measure of the prices of goods and services

d)

Rate of change in prices over a set period of time​

120.

A small group of people holding most of a nation's wealth is an example of:

a)

Wealth Inequality

b)

Socialism

c)

Income Distribution

d)

Anti-Poverty Programs

121.

Sharp increases in prices of raw materials or energy are known as:

a)

market basket

b)

hyperinflation

c)

inflation rate

d)

supply shocks

122.

Match each term to the best definition.

a)hyperinflation
b)deflation
1
2
1)
2)
123.

Match the following

a)

Government health care for senior citizens

1.

Medicare

b)

Provides money if you lose your job​

2.

Unemployment Insurance

c)

Provides blocks of federal money to local communities

3.

Community Services Block Grant Program

124.

Match the following

a)

Temporary unemployment experienced by people changing jobs​

1.

Frictional Unemployment

b)

Unemployment linked to seasonal work​

2.

Seasonal Unemployment

c)

Situation where jobs exist but workers do not have the necessary skills for these jobs​

3.

Structural Unemployment

d)

Unemployment caused by a part of the business cycle with decreased economic activity ​

4.

Cyclical Unemployment

125.

How is the "Labor Force" defined by economists?

a)

People who work part time when they want full time work or work below their skill level​

b)

Percentage of the labor force that is jobless and actively looking for work​

c)

People over the age of 16 who are employed or are actively looking and available for work

d)

People who choose to be self-employed

126.

What is the unemployment rate?

a)

The percentage of discouraged workers who have stopped looking for work.​

b)

The percentage of the labor force that is jobless and actively looking for work​

c)

The percentage of people who work part time when they want full time work or work below their skill level​

d)

People over the age of 16 who are employed or are actively looking and available for work​

127.

How does workfare differ from welfare?

a)

Workfare excludes U.S. citizens from receiving benefits

b)

Workfare is only available to retirees, seniors, and the disabled

c)

Workfare requires welfare recipients to work for benefits

d)

Workfare only covers the Food Stamp Act of 1964; welfare covers all anti-poverty programs

128.

The unemployment rate does not account for which two groups?

a)

people no longer actively looking for work; the fully employed

b)

the underemployed; the labor force

c)

the fully employed; the labor force

d)

people no longer actively looking for work; the underemployed

129.

Which of the following is not an impact of unemployment?

a)

Economic Growth

b)

Inefficiency

c)

Discouraged Workers

d)

Inequality

130.

How do economists determine the poverty rate?

a)

The way income is divided among people in a nation​

b)

Percentage of people living in households with incomes below poverty threshold​

c)

A situation in which a person lacks the income and resources to achieve a minimum standard of living​

d)

Official minimum income needed for the basic necessities of life​

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