Economics CC 2 Sec ON 1 Week 2 Assignment 3

Economics CC 2 Sec ON 1 Week 2 Assignment 3 | chatbot las positas  community college

Question 1

Use the data below to answer the following question.

Population          60 million

Number in the labor force           50 million

Number employed full time        38 million

Number employed part time      10 million

Number unemployed    2 million

What is the unemployment rate of the economy?  

·         3.3 percent  

·         4 percent  

·         5 percent  

·         5.3 percent

Question 2

If the consumer price index is now 105, it means:    

·         prices are 5 percent higher than in the base year.    

·         prices are 105 percent higher than in the base year.    

·         prices are 5 percent lower than in the base year.  

·         prices are 105 percent lower than in the base year.

Question 3

If the population older than 16 years of age equals 482 million, the labor force equals 346 million, and the total number of persons employed equals 318 million, then the unemployment rate is:    

·         5.8 percent  

·         8.1 percent  

·         7.6 percent  

·         8.8 percent

Question 4

A federal program aimed at retraining the unemployed workers of the declining auto and steel industries is designed to reduce which type of unemployment?    

·         seasonal    

·         cyclical    

·         structural    

·         frictional

Question 5

Which of the following would be officially classified as unemployed?  

·         a school administrator who has been working as a substitute teacher two days per week while looking for a full-time job in administration  

·         a mathematician who returned to graduate school after failing to find a job the last four months  

·         a 60-year-old former steel worker who would like to work but has given up actively seeking employment  

·         a laid-off construction worker waiting to return to a previous job