TAMU ECON 203 Exam 2 questions with correct answers

Who is not in the working age population? CORRECT ANSWER Young (less than 16 years old) Military Institutionalized population (prison, mental hospitals) Working age population (calculation) CORRECT ANSWER Labor Force + Not in the labor force Labor Force CORRECT ANSWER working-age people who are either employed or unemployed Labor Force (calculation) CORRECT ANSWER employed + unemployed Employed CORRECT ANSWER 1)Everyone who during the week of survey had worked at least 1 hour as paid employee 15 hours as unpaid employee in family business 2)Temporary absent (sick, vacation, maternity leave) the BLS defines Unemployment as CORRECT ANSWER persons aged 16 years and older who had no employment during the reference (survey) week were available for work, except for temporary illness