ECON 201Exam questions and
answers rated A+
Employed - ANS✅✅Paid employees, self-employed, and underpaid workers in a family business
Unemployed - ANS✅✅doesn't work but has searched for work within the past 4 weeks
Not in labor force - ANS✅✅have no job and not searching for a job
Labor force - ANS✅✅all potential workers, working and not working
unemployment rate - ANS✅✅unemployed/labor force x 100 (U)
Labor force participation rate - ANS✅✅% of the adult population in the labor force
natural rate of unemployment - ANS✅✅nominal rate of unemployment around which the actual
unemployment rate fluctuates; made up of frictional and structural U
frictional unemployment - ANS✅✅unemployment that occurs when people take time to find a job;
short-term for most workers
Unemployment Insurance (UI) - ANS✅✅a government program that partially protects workers'
incomes when they become unemployed
Cost of UI - ANS✅✅increase in frictional unemployment
structural unemployment - ANS✅✅unemployment that occurs when workers' skills do not match
the jobs that are available
unions - ANS✅✅A worker association that bargains with employers over wages, benefits, and
working conditions
, collective bargaining - ANS✅✅negotiations between unions and employers over wages, benefits,
and working conditions
efficiency wage theory - ANS✅✅firms voluntarily pay above equilibrium wages to boost worker
productivity
marginally attached workers - ANS✅✅someone that is neither working nor looking for work but
have looked for work in the past 12 months
discouraged workers - ANS✅✅would like to work but gave up looking; classified as not in the labor
force
under employment - ANS✅✅people working below their skill level
cyclical unemployment - ANS✅✅the deviation of unemployment from its natural rate; associated
with business cycles and deficient demand
employment situation summary - ANS✅✅summary of:
- employment status
- unemployment rate
- reason for unemployment
- duration of unemployment
- % of workers that are part time
- persons not in labor force
table A - ANS✅✅employment situation summary table
U-3 - ANS✅✅official U rate
U-6 - ANS✅✅Total unemployed, plus all persons marginally attached to the labor force, plus total
employed part time for economic reasons, as a percent of the civilian labor force plus all persons
marginally attached to the labor force
answers rated A+
Employed - ANS✅✅Paid employees, self-employed, and underpaid workers in a family business
Unemployed - ANS✅✅doesn't work but has searched for work within the past 4 weeks
Not in labor force - ANS✅✅have no job and not searching for a job
Labor force - ANS✅✅all potential workers, working and not working
unemployment rate - ANS✅✅unemployed/labor force x 100 (U)
Labor force participation rate - ANS✅✅% of the adult population in the labor force
natural rate of unemployment - ANS✅✅nominal rate of unemployment around which the actual
unemployment rate fluctuates; made up of frictional and structural U
frictional unemployment - ANS✅✅unemployment that occurs when people take time to find a job;
short-term for most workers
Unemployment Insurance (UI) - ANS✅✅a government program that partially protects workers'
incomes when they become unemployed
Cost of UI - ANS✅✅increase in frictional unemployment
structural unemployment - ANS✅✅unemployment that occurs when workers' skills do not match
the jobs that are available
unions - ANS✅✅A worker association that bargains with employers over wages, benefits, and
working conditions
, collective bargaining - ANS✅✅negotiations between unions and employers over wages, benefits,
and working conditions
efficiency wage theory - ANS✅✅firms voluntarily pay above equilibrium wages to boost worker
productivity
marginally attached workers - ANS✅✅someone that is neither working nor looking for work but
have looked for work in the past 12 months
discouraged workers - ANS✅✅would like to work but gave up looking; classified as not in the labor
force
under employment - ANS✅✅people working below their skill level
cyclical unemployment - ANS✅✅the deviation of unemployment from its natural rate; associated
with business cycles and deficient demand
employment situation summary - ANS✅✅summary of:
- employment status
- unemployment rate
- reason for unemployment
- duration of unemployment
- % of workers that are part time
- persons not in labor force
table A - ANS✅✅employment situation summary table
U-3 - ANS✅✅official U rate
U-6 - ANS✅✅Total unemployed, plus all persons marginally attached to the labor force, plus total
employed part time for economic reasons, as a percent of the civilian labor force plus all persons
marginally attached to the labor force
