The labor force is defined as the number of A) people who are working. B) union members who are working. C) people who are working in labor-type jobs. D) employed plus the number of unemployed. ANSWER D
Date: September 2nd, 2020
A country’s labor force is equal to A) the population between the ages of 16 and 65. B) the number of employed people. C) the total number of employed and unemployed people. D) the total number of employed people, unemployed people, and discouraged workers. ANSWER C
Date: September 2nd, 2020
The U.S. Department of Labor classifies all individuals in the United States as A) either overemployed or underemployed. B) labor force participants. C) either employed, unemployed, or not in the labor force. D) potential employees. ANSWER C
Date: September 2nd, 2020
The term “unemployment” is best described as the total number of A) adults who are looking for work but have not found a job. B) people not working. C) adults who work fewer hours than they wish to work. D) people who have been laid off and have stopped looking for work. ANSWER A
Date: September 2nd, 2020
The simple circular flow of income shows that the total income in an economy equals A) all taxes paid by households. B) total expenditures. C) the total amount of money supplied by the government. D) total profits earned by firms. ANSWER B
Date: September 2nd, 2020
According to the text, during which time period did the United States have the highest unemployment rates? A) 1930s B) 2000s C) 1950s D) 1980s ANSWER A
Date: September 2nd, 2020
The observation that goods and services flow in one direction and money payments flow in another direction is the principle behind A) a barter economy. B) the circular flow of income. C) a pure command economy. D) the double coincidence of wants. ANSWER B
Date: September 2nd, 2020
Individuals who have stopped looking for work because they are convinced that they will not find a job are considered A) discouraged workers. B) part of the labor force. C) structurally unemployed. D) underemployed. ANSWER A
Date: September 2nd, 2020
The labor-force participation rate shows the percentage of A) non-institutionalized working-age people who are actually working or seeking employment. B) people not working, but who want to work. C) new entrants into the labor force. D) people who are not actively participating in meaningful economic activity. ANSWER A
Date: September 2nd, 2020
Which federal agency publishes the United States’ unemployment figures? A) The Bureau of Labor Statistics B) Health and Human Services C) the Senate Committee on Labor Relations D) the Federal Reserve ANSWER A
Date: September 2nd, 2020
