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27 Cards in this Set
- Front
- Back
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Natural Rate of Unemployment is part of which "run"?
Short-run or Long-run? |
Long run
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Cyclical Rate of Unemployment is part of which "run"?
Short-run or Long-run? |
Short Run
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What is the Natural Rate of Unemployment?
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the rate of unemployment that the economy normally experiences and doesn't disappear quickly/by itself
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Why is Cyclical Unemployment?
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Year-to-year fluctations in unemployment AROUND natural rate.
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Who measures unemployment?
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the BLS
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What survey measures unemployment?
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the Current Population Survey
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What are the three categories for employment?
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Employed
Unemployed Not in Labor Force |
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What is the Labor Force?
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The total number of workers, including both employed and unemployed.
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Who is included in the BLS category of Employment?
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Full-time/part-time workers, including those who had jobs but were not working.
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Who is included in the BLS category of Unemployment?
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People without jobs (but are searching) or are laid off and waiting to be recalled.
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How do you calculate Labor Force?
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Number of Unemployed adults + Number of Employed adults
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If you are waiting for the start date of a new job, what BLS category of employment are you in?
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Unemployed.
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How do you calculate unemployment?
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Number of Unemployed divided by Labor Force
times 100 |
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How do you calculate Labor Force Participation?
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Labor Force divided by Adult Population
times 100 |
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Roughly how many people are Employed?
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140 billion
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Roughly how many people are Unemployed?
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14.3 million
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Roughly how many adults are Not in the Labor FOrce?
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81.7 million
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Labor force participation of blacks?
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similar to whites
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Labor force participation of teens?
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pretty low
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What is a Discouraged Worker?
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Someone who would like to work by have given up searching
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What is Frictional Unemployment?
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unemployment that results from the time it takes to match workers to jobs. (Job Search Time)
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What is Structural Unemployment>
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Unemployment that results because the number of jobs available in some labor markets is insufficient
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What are Sectoral Shifts?
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changes in the composition of labor demand in industries or regions.
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When does Structual Unemployment occur?
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when quantity of labor supply is higher than quantity of demand
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Why do we have Structual Unemployment?
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Minimum Wage
Unions Efficiency Wages |
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What are efficiency wages?
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above-equilibrium wages paid to increase worker productivity.
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What are the four aspects of efficiency wages?
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-More Effort
-Higher Quality Work -Better Health -Lower Turnover |
