Econ 203 Exam 2 Pakhotina TAMU questions with correct answers

Working Age Population (WAP)= CORRECT ANSWER total pop.-young (less than 16)-military-institutionalized(prison, asylums) labor force= CORRECT ANSWER employed + unemployed unemployment CORRECT ANSWER someone wants to work, but cant find a job in the current market people who dont have jobs, and arent seeking a job or are unable to work CORRECT ANSWER Not in the labor force not in the labor force CORRECT ANSWER -homemakers -full time students -retirees who choose not to or cant work -those who cant work because of a disability -those who choose not to work unemployment rate= CORRECT ANSWER (unemployed/labor force)x100 labor force participation rate= CORRECT ANSWER (labor force/working age population)x100 LFPR indicates CORRECT ANSWER what fraction of the population wants to be working, regardless of whether or not they actu