LSU ECONOMICS 2030 SECOND MIDTERM
REVIEW SCRIPT 2026 FULL ANSWERS
GRADED A+
⩥ the term "business cycle" refers to the _____ fluctuations in _____..
Answer: short-term; economic growth rates
⩥ in the united states unemployment rates tend to move ______. This
means that when the economy is experiencing ______, unemployment
rates increase, everything else held constant..
Answer: countercyclically; a recession
⩥ x is procyclical. economy goes up, x..?.
Answer: goes up
⩥ x is procyclical. economy goes down, x..?.
Answer: goes down
⩥ x is counter-cyclical. economy goes up, x..?.
Answer: goes down
⩥ x is counter-cyclical. economy goes down, x..?.
,Answer: goes up
⩥ see slide 4 of 1st tutorial.
Answer: adsf
⩥ civilian noninstitutional population(CNP)=..?.
Answer: labor force + not labor force
⩥ labor force =.
Answer: employed + unemployed
⩥ unemployment rate =.
Answer: [unemployment/(emp+unemp)]*100
⩥ who is classified as employed?.
Answer: People who:
-Did any work at all as paid employees during the reference week; in
their own business, profession, or on their own farm
-Worked without pay at least 15 hours in FAMILY business or farm
-Were temporarily absent from their jobs bc of illness, bad weather,
vacation, labor-management disputes, or personal reasons
,⩥ who is classified as unemployed?.
Answer: People who:
-Had no employment during the reference week, and were able for work
at that time
-Made specific efforts to find employment sometime during the 4-week
period ending with the reference week
*Persons laid off from a job and expecting recall need not be looking for
work to be counted as unemployed
⩥ who is classified as labor force?.
Answer: the sum of employed and unemployed; those not classified as
employed or unemployed are not in the labor force
⩥ Suppose Lydia is 39 years old and is a stay-at-home mother. During
the last four weeks, she has been occupied with her normal household
activities and has neither held nor looked for a job. Suppose further that
Lydia's 71-year-old father, Warren, lives with her and has not worked or
looked for work in the last two years because of a disability.
1. Is Lydia included in the civilian noninstitutional population? If so,
why (and continue to Q#2)? If not, why not (the end)?
2. Is Lydia classified as employed? If so, why (the end)? If not, why not
(and continue to Q#3)?
3. Is Lydia classified as unemployed? If so, why (the end)? If not, why
not (and continue to Q#4)?
, 4. Is Lydia classified as not in the labor force? If so, why (the end)? If
not, why not (the end)?.
Answer: 1. Yes, she's over 16 and not institutionalized
2. No, she doesn't work
3. No, she's not actively looking for a job
4. Yes, she isn't employed or unemployed
⩥ Suppose Lydia is 39 years old and is a stay-at-home mother. During
the last four weeks, she has been occupied with her normal household
activities and has neither held nor looked for a job. Suppose further that
Lydia's 71-year-old father, Warren, lives with her and has not worked or
looked for work in the last two years because of a disability.
1. Is Lydia included in the civilian noninstitutional population? If so,
why (and continue to Q#2)? If not, why not (the end)?
2. Is Lydia classified as employed? If so, why (the end)? If not, why not
(and continue to Q#3)?
3. Is Lydia classified as unemployed? If so, why (the end)? If not, why
not (and continue to Q#4)?
4. Is Lydia classified as not in the labor force? If so, why (the end)? If
not, why not (the end)?.
Answer: 1. Yes
2. No
3. No
4. Yes
REVIEW SCRIPT 2026 FULL ANSWERS
GRADED A+
⩥ the term "business cycle" refers to the _____ fluctuations in _____..
Answer: short-term; economic growth rates
⩥ in the united states unemployment rates tend to move ______. This
means that when the economy is experiencing ______, unemployment
rates increase, everything else held constant..
Answer: countercyclically; a recession
⩥ x is procyclical. economy goes up, x..?.
Answer: goes up
⩥ x is procyclical. economy goes down, x..?.
Answer: goes down
⩥ x is counter-cyclical. economy goes up, x..?.
Answer: goes down
⩥ x is counter-cyclical. economy goes down, x..?.
,Answer: goes up
⩥ see slide 4 of 1st tutorial.
Answer: adsf
⩥ civilian noninstitutional population(CNP)=..?.
Answer: labor force + not labor force
⩥ labor force =.
Answer: employed + unemployed
⩥ unemployment rate =.
Answer: [unemployment/(emp+unemp)]*100
⩥ who is classified as employed?.
Answer: People who:
-Did any work at all as paid employees during the reference week; in
their own business, profession, or on their own farm
-Worked without pay at least 15 hours in FAMILY business or farm
-Were temporarily absent from their jobs bc of illness, bad weather,
vacation, labor-management disputes, or personal reasons
,⩥ who is classified as unemployed?.
Answer: People who:
-Had no employment during the reference week, and were able for work
at that time
-Made specific efforts to find employment sometime during the 4-week
period ending with the reference week
*Persons laid off from a job and expecting recall need not be looking for
work to be counted as unemployed
⩥ who is classified as labor force?.
Answer: the sum of employed and unemployed; those not classified as
employed or unemployed are not in the labor force
⩥ Suppose Lydia is 39 years old and is a stay-at-home mother. During
the last four weeks, she has been occupied with her normal household
activities and has neither held nor looked for a job. Suppose further that
Lydia's 71-year-old father, Warren, lives with her and has not worked or
looked for work in the last two years because of a disability.
1. Is Lydia included in the civilian noninstitutional population? If so,
why (and continue to Q#2)? If not, why not (the end)?
2. Is Lydia classified as employed? If so, why (the end)? If not, why not
(and continue to Q#3)?
3. Is Lydia classified as unemployed? If so, why (the end)? If not, why
not (and continue to Q#4)?
, 4. Is Lydia classified as not in the labor force? If so, why (the end)? If
not, why not (the end)?.
Answer: 1. Yes, she's over 16 and not institutionalized
2. No, she doesn't work
3. No, she's not actively looking for a job
4. Yes, she isn't employed or unemployed
⩥ Suppose Lydia is 39 years old and is a stay-at-home mother. During
the last four weeks, she has been occupied with her normal household
activities and has neither held nor looked for a job. Suppose further that
Lydia's 71-year-old father, Warren, lives with her and has not worked or
looked for work in the last two years because of a disability.
1. Is Lydia included in the civilian noninstitutional population? If so,
why (and continue to Q#2)? If not, why not (the end)?
2. Is Lydia classified as employed? If so, why (the end)? If not, why not
(and continue to Q#3)?
3. Is Lydia classified as unemployed? If so, why (the end)? If not, why
not (and continue to Q#4)?
4. Is Lydia classified as not in the labor force? If so, why (the end)? If
not, why not (the end)?.
Answer: 1. Yes
2. No
3. No
4. Yes
