In an economy, 30 million people are in the labor force, 22 million are employed, and 37 million are of working age. How many people are not in the labor force?

7 million
19 percent
15 million
8 million

In an economy, 17 million people are employed and 3 million are unemployed, but 1 million part-time workers would prefer full-time work. How many people are in the labor force?

17 million
21 million
13 million
20 million

In an economy, 17 million people are employed and 3 million are unemployed, but 1 million part-time workers would prefer full-time work. What is the unemployment rate?

15 percent
19 percent
20 percent
14 percent

If the people who thak early retirement are not counted in the working-age population, then

the labor force participation rate would be higher.
the unemployment rate would be lower.
the unemployment rate would be higher.
the labor force participation rate would be less.

In an economy, 20 million people are full-time workers, 5 million are part-time workers, 2 million are unemployed, and 4 million are not in the labor force. What is the labor force participation rate?

87 percent
83 percent
65 percent
81 percent

If the number of people unemployed and the number of people in the labor force grow at the same rate, then the ____________________.

unemployment rate will stay the same
labor force participation rate will decrease
unemployment rate will increase
labor force participation rate will increase

In an economy, 20 million people are full-time workers, 5 million are part-time workers, 2 million are unemployed, and 4 million are not in the labor force. What is the employment-to-population ratio?

81 percent
83 percent
65 percent
87 percent

If the unemployment rate falls, the labor force participation rate increases, and the employment-to-population ratio increases, then the economy is most likely in _______________.

an expansion
a business cycle
a trough
a recession

In 1997, the money wage rate was $15.00 an hour and the real wage rate was $12.00 an hour. In 1998, the money wage rate was $15.25 an hour and the real wage rate was $12.10 an hour. In 1997, the GDP deflator was __________ and in 1998 it was _________.

1.25; 1.26
15; 5.25
80; 79
125; 126

When cyclical unemployment increases and other things remain the same, ________________.

the natural rate of unemployment increases
the amount of structural unemployment decreases
the amount of frictional unemployment increases
the natural rate of unemployment does not change

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