TAMU ECON 203 Exam 2 || with A+ Guaranteed Solutions.
Who is not in the working age population? correct answers Young (less than 16 years old)
Military
Institutionalized population (prison, mental hospitals)
Working age population (calculation) correct answers Labor Force + Not in the labor force
Labor Force correct answers working-age people who are either employed or unemployed
Labor Force (calculation) correct answers employed + unemployed
Employed correct answers 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 answers persons aged 16 years and older who had no
employment during the reference (survey) week
were available for work, except for temporary illness
had made specific efforts to find employment sometime during the 4-week period ending with
the reference week
Unemployment correct answers a situation where someone wants to work but cannot find a job
in the current market.
Not in the labor force correct answers people who do not have jobs and who are not actively
looking for work or are not available for work
homemakers
full-time students
retirees who choose not to work or cannot work
those who cannot work bc of disability
those who choose not to work
Unemployment rate correct answers (number of unemployed/labor force) x 100
Labor-force participation rate (LFPR) correct answers indicates what fraction of the population
wants to be working, regardless of whether or not they actually have a job
Labor-force participation rate (LFPR) correct answers (labor force/working-age population) x
100
, Marginally attached workers correct answers persons not in the labor force who want and are
available for work
who have looked for a job in the prior 12 months, but not in the 4 weeks preceding the survey.
(not counted in labor force)
Discouraged workers correct answers persons not in the labor fore who are not currently looking
for a job because they believe there are no jobs available to there are none for which they would
qualify
Underemployed workers correct answers people who are either working less than they would
like or in jobs below their skill level
Unemployment occurs when: correct answers wage rate is higher then the equilibrium wage
Natural Unemployment correct answers unemployment that persists in an economy in the long
run
Cyclical unemployment correct answers unemployment caused by short-term economic
fluctuations (phases of business cycle)
Natural rate of unemployment correct answers normal level of unemployment that persists in an
economy in the long run
frictional unemployment
structural unemployment
real-wage or classical unemployment
Frictional unemployment correct answers caused by workers who are changing location, job, or
career
Structural unemployment correct answers caused by a mismatch between the skills workers can
offer and the skills in demand
Real GDP per capita growth rate correct answers nominal GDP growth rate - inflation rate -
population growth rate
(Real GDP per capita (current year) - Real GDP per capita (previous year)/Real GDP per capita
(previous year)) x 100
What was the U.S. average annual growth in real GDP per capita last century? correct answers
2%
How much larger was the 2010 real GDP per capita than in 1910? correct answers x7
Compounding Formula
Who is not in the working age population? correct answers Young (less than 16 years old)
Military
Institutionalized population (prison, mental hospitals)
Working age population (calculation) correct answers Labor Force + Not in the labor force
Labor Force correct answers working-age people who are either employed or unemployed
Labor Force (calculation) correct answers employed + unemployed
Employed correct answers 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 answers persons aged 16 years and older who had no
employment during the reference (survey) week
were available for work, except for temporary illness
had made specific efforts to find employment sometime during the 4-week period ending with
the reference week
Unemployment correct answers a situation where someone wants to work but cannot find a job
in the current market.
Not in the labor force correct answers people who do not have jobs and who are not actively
looking for work or are not available for work
homemakers
full-time students
retirees who choose not to work or cannot work
those who cannot work bc of disability
those who choose not to work
Unemployment rate correct answers (number of unemployed/labor force) x 100
Labor-force participation rate (LFPR) correct answers indicates what fraction of the population
wants to be working, regardless of whether or not they actually have a job
Labor-force participation rate (LFPR) correct answers (labor force/working-age population) x
100
, Marginally attached workers correct answers persons not in the labor force who want and are
available for work
who have looked for a job in the prior 12 months, but not in the 4 weeks preceding the survey.
(not counted in labor force)
Discouraged workers correct answers persons not in the labor fore who are not currently looking
for a job because they believe there are no jobs available to there are none for which they would
qualify
Underemployed workers correct answers people who are either working less than they would
like or in jobs below their skill level
Unemployment occurs when: correct answers wage rate is higher then the equilibrium wage
Natural Unemployment correct answers unemployment that persists in an economy in the long
run
Cyclical unemployment correct answers unemployment caused by short-term economic
fluctuations (phases of business cycle)
Natural rate of unemployment correct answers normal level of unemployment that persists in an
economy in the long run
frictional unemployment
structural unemployment
real-wage or classical unemployment
Frictional unemployment correct answers caused by workers who are changing location, job, or
career
Structural unemployment correct answers caused by a mismatch between the skills workers can
offer and the skills in demand
Real GDP per capita growth rate correct answers nominal GDP growth rate - inflation rate -
population growth rate
(Real GDP per capita (current year) - Real GDP per capita (previous year)/Real GDP per capita
(previous year)) x 100
What was the U.S. average annual growth in real GDP per capita last century? correct answers
2%
How much larger was the 2010 real GDP per capita than in 1910? correct answers x7
Compounding Formula
