Question 1

According to the BLS classification, how are full-time homemakers and retirees categorized?

Accepted Answer

Not in the labor force

Question 2

Given the following data for the United States: Population of eligible workers = 263 million, In the labor force = 165 million, Employed = 100 million. What is the unemployment rate? Use the formula $$	ext{Unemployment Rate} = \frac{	ext{Unemployed}}{	ext{Labor Force}} 	imes 100\%.$$

Accepted Answer

$$39.4\%$$

Question 3

If a person lost their job in 2020, spent six months searching for a new job, and then stopped looking for work, how would the BLS classify this person?

Accepted Answer

Not in the labor force

Question 4

A steelworker is laid off because the demand for steel falls during a recession. What type of unemployment is this?

Accepted Answer

Cyclically unemployed

Question 5

Tucker is a software engineer who lost his job because his skills are no longer needed due to new technology. He is actively searching for a new job. What type of unemployment is Tucker experiencing?

Accepted Answer

Structurally unemployed

Question 6

Suppose a 'market basket' consists of 2 loaves of bread and 2 haircuts. In year 1, the price of a loaf of bread is $$1 and the price of a haircut is 10. $$What is the price of the market basket in year 1? Use the formula $$	ext{Market Basket Price} = (	ext{Quantity of Bread} 	imes 	ext{Price of Bread}) + (	ext{Quantity of Haircuts} 	imes 	ext{Price of Haircut}).$$

Accepted Answer

$$12$$

Question 7

If year 1 is the base year, and in year 3 the price of a loaf of bread is $$2 and the price of a haircut is 20$$, what is the Consumer Price Index (CPI) in year 3? Use the formula $$	ext{CPI} = \frac{	ext{Cost of Basket in Year 3}}{	ext{Cost of Basket in Base Year}} 	imes 100.$$

Accepted Answer

$$200$$

Question 8

Using the previous question, what is the inflation rate in year 3? Use the formula $$	ext{Inflation Rate} = \frac{	ext{CPI}_{	ext{year 3}} - 	ext{CPI}_{	ext{base year}}}{	ext{CPI}_{	ext{base year}}} 	imes 100\%.$$

Accepted Answer

$$100\%$$

Question 9

Which of the following best describes frictional unemployment?

Accepted Answer

Unemployment that occurs when people are between jobs or entering the labor market for the first time

Question 10

If the labor force participation rate is calculated as $$\frac{	ext{Labor Force}}{	ext{Eligible Population}} 	imes 100\%$$, what is the participation rate given a labor force of 165 million and an eligible population of 263 million?

Accepted Answer

$$62.7\%$$

Question 11

Which of the following is NOT included in the calculation of the official unemployment rate?

Accepted Answer

People who are working part-time but want full-time work

Question 12

A recent college graduate is searching for their first job. This is an example of:

Accepted Answer

Frictional unemployment

Question 13

If the price of a market basket increases from $$12 in year 1 to 18 in $$year 2, what is the inflation rate from year 1 to year 2? Use $$	ext{Inflation Rate} = \frac{18 - 12}{12} 	imes 100\%.$$

Accepted Answer

$$50\%$$

Question 14

Which of the following would be considered 'not in the labor force' according to the BLS?

Accepted Answer

A full-time student not seeking employment

Question 15

If the unemployment rate is high but the labor force participation rate is falling, what might this indicate about the economy?

Accepted Answer

Discouraged workers are leaving the labor force

Question 16

Which of the following scenarios best illustrates structural unemployment?

Accepted Answer

A factory worker loses their job because the factory relocates overseas

Question 17

If the CPI in year 1 is 100 and the CPI in year 2 is 120, what is the inflation rate from year 1 to year 2? Use $$	ext{Inflation Rate} = \frac{120 - 100}{100} 	imes 100\%.$$

Accepted Answer

$$20\%$$

Question 18

Which of the following would be counted as employed by the BLS?

Accepted Answer

A person who works 1 hour per week for pay

Question 19

If the labor force is 200 million and 180 million are employed, what is the unemployment rate? Use $$	ext{Unemployment Rate} = \frac{	ext{Unemployed}}{	ext{Labor Force}} 	imes 100\%.$$

Accepted Answer

$$10\%$$

Question 20

Which of the following is an example of cyclical unemployment?

Accepted Answer

A worker is laid off due to a recession

Business Cycles, Unemployment, and Inflation: Key Concepts and Calculations

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