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Terms in this set (17)
A person is in the labor force if
1. without work, willing to work, and is waiting to start a new job within 30 days
2. without work, willing to work, and has made specific efforts to find a job within the previous four weeks
3. working either a full or part time job
an unemployed person
wants to work, has made specific efforts to find a job within the previous four weeks, or is waiting to be called to a job from which he or she has been laid off, or is waiting to start a new job within 30 days
a person is not in the labor force if they are
in the working age population but neither employed or unemployed
Unemployment arises from
1. students enter the labor force to search for a job
2. firms close, people lose their jobs and search for new jobs
3. People leave their jobs and spend time searching for a job that better suits their abilities
some unemployment is unavoidable because
people are making transitions through the stages of life and businesses are making transitions
the unemployment that arises when changes in technology or international competition change the skills needed to preform jobs or change locations of jobs
a worker who is laid off because of the recent recession
the natural unemployment rate
fluctuates because the frictions and the amount of structural change and fluctuate
The unemployment rate tends to actually underestimate the unemployment problem, especially during a recession because
the number of marginally attached workers increases, but these workers are not included in the official unemployment rate
The unemployment rate in May 2008 is -- the estimated natural unemployment rate.
This implies that the real GDP is-- potential GDP at this time
greater than; less than
the unemployment rate is never zero, even at full employment because
1. there are always new workers entering the work force
2.there are always workers leaving one job to search for another job
3.there are always firms laying off workers, and these workers search for another job
the fluctuating unemployment over the business cycle is -- unemployment
the natural unemployment rate
is the unemployment rate at full employment
students who leave school in the spring and look for work are one source of
=(Cost of CPI basket of current period prices/ Cost of CPI basket at base period prices) x100
-measured by the bureau of labor statistics
-used to measure the average prices paid by urban consumers for a fixed basket of consumer goods and services
annual percentage change in the price level
The CPI basket consists of items that -- households buy.
The CPI places more weight on--- than on--.
urban;housing; food and beverages
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