The unemployment rate will increase whenever there is a(n):
a. increase in the number of persons classified as unemployed.
b. increase in the number of unemployed persons relative to the size of the labor force.
c. increase in the size of the U.S. population and there is no change in the number of persons classified as employed.
d. reduction in the size of the labor force.
e. reduction in the size of the civilian labor force while the number of unemployed decreases.
b
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The direct benefits of out-migration to a developing nation include:
(a) Loss of skilled workers. (b) Increased remittances. (c) Job growth. (d) Larger capital formation.
When economists describe the theory of consumer choice, they
a. portray people as simple and methodical with perfectly predictable patterns of behavior. b. assert that consumer's decisions are based on which goods and services give them the greatest utility within their limited incomes. c. point out that consumers rarely consider utility in their purchase decisions; they look at other factors like convenience, peer behavior, and price. d. assert that the retail price is the only variable consumers really consider in making their purchasing decisions. e. admit that consumer behavior is random and there is no credible economic theory to explain the phenomenon.
Suppose you observed firms' inventory stocks drop by $100 billion. If you knew that aggregate expenditure was $3,000 billion, what would GDP be?
a. $3,000 billion b. $2,000 billion c. $2,900 billion d. $1,000 billion e. $3,100 billion
If a person is laid off from a job, he is considered by the Bureau of Labor Statistics to be a
A. new entrant. B. job leaver. C. reentrant. D. job loser.