ASU ECN 211 Exam 2 2024 with 100% correct answers

If a country keep its workers fully employed, it achieves a higher level of _______ than if it leaves many workers ________. - correct answer GDP Idle Natural Rate Of Unemployment - correct answer the normal rate of unemployment around which the unemployment rate fluctuates is the natural rate of unemployment The amount of unemployment that an economy normally experiences "Natural" Rate of Unemployment - correct answer The unemployment that doesn't go away on its own Employed - correct answer Worked as paid employee, worked in their own business or family business (full or part time), or had a job but didn't work due to temporary absence Unemployed - correct answer Not employed but were available for work and looked for work in the last four weeks or on temporary layoff Not in the Labor Force - correct answer not in the previous two categories (student, homemaker, retiree) Labor Force =________+_________ - correct answer number of employed+number unemployed Unemployment Rate =(___________/___________) x 100 - correct answer (number of unemployed/ labor force) x 100 Labor Force Participation Rate = (___________/___________) x 100 - correct answer (labor force/adult pop) x 100 labor force is the ___________________________________________. - correct answer total number of workers who have made themselves available to work