In an economy, 30 million people are in the labour force, 22 million are employed, and 37 million people are of working age. How many people are not in the labour force?

7 million
8 million
15 million
19 percent

In an economy, 16 million people have full-time employment, 3 million are unemployed and 1 million people are part-time workers who would prefer full-time work. How many people are in the labour force?

20 million
19 million
13 million
17 million

In an economy, 17 million people are full-time workers, 2 million are unemployed, and 1 million people are part-time workers who would prefer full-time work. What is the unemployment rate?

10 percent
almost 12 percent
20 percent
almost 18 percent

In an economy, 20 million people are full-time workers, 5 million are part-time workers and 1 million of the part-time workers would prefer full-time work. There are 2 million people unemployed. What is the involuntary part-time rate?

3.7 percent
4.0 percent
5.0 percent
20 percent

If the working-age population did not include retirees ____________________.

the labour force participation rate would increase
the labour force participation rate would decrease
the unemployment rate would increase
the unemployment rate would decrease

In an economy, 20 million people are full-time workers, 5 million are part-time workers, 2 million are unemployed, and 4 million are not in the labour force. What is the labour force participation rate?

87 percent
81 percent
65 percent
83 percent

If the number of people unemployed and the number of people in the labour force grow at the same rate, then _____________.

the unemployment rate will stay constant
the labour force participation rate will increase
the unemployment rate will increase
the labour force participation rate will decrease

In an economy, 20 million people are full-time workers, 5 million are part-time workers, 2 million people are unemployed, and 4 million people are not in the labour force. What is the employment-to-population ratio?

81 percent
87 percent
65 percent
83 percent

If the unemployment rate falls, the labour force participation rate increases, and the employment-to-population ratio increases, then the economy is most likely is in _______________.

a trough
a recession
a business cycle
an expansion

In 1998, the money wage rate was $15.00 an hour and the real wage rate was $12.00 an hour. In 1999, the money wage rate was $15.25 an hour and the real wage rate was $12.10 an hour. The GDP deflator was _______ in 1998 and _________ in 1999.

125; 126
15; 5.25
1.25; 1.26
80; 79

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