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Get Full Access to CU - ECON 2020 - Study Guide - Final
Get Full Access to CU - ECON 2020 - Study Guide - Final

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CU / Economics / ECON 2020 / What do you call the total number of people currently employed for pay

# What do you call the total number of people currently employed for pay Description

##### Description: This study guide covers everything that is going to be on the final. The final will be 50 multiple choice questions coming from chapters 8, 9, 10, 11, 12, 13, 14, 15, & 19.
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MACROECONOMICS FINAL STUDY GUIDE Chapter 8: Unemployment & Inflation 1. Employment: The total number of people currently  employed for pay in the economy either full time or part  time  2. Unemployment: The total number of people who are  actively looking for work but aren’t currently employed  3. Labor force: all workers, employed or unemployed – the  sum of employment and unemployment  4. Labor force participation rate: percentage of the  working-age population that is in the labor force  a. legal working age is 16+ -- only counts those who are  above 16 and a part of the labor force  b. take a small random sample that would closely  represent the US  Labor force participation rate = (Labor force / Population  age 16 and older)x 100  5. Unemployment rate: The percentage of the total number  of people in the labor force who are unemployed  a. The unemployment rate is a good indicator of how easy or difficult it is to find a job given the current state of  the economy  Unemployment rate = (Number of unemployed workers /  Labor Force) x 100 6. Discouraged Workers: Individuals who want to work but  who have state to government researches that they aren’t  currently searching for a job because they see little prospect  of finding one given the state of the job market  a. The unemployment rate does not count  discouraged workers 7. Marginally Attached Workers: Non-working individuals  who say they would like a job and have looked for work in  the recent past but are not currently looking for work  a. The unemployment rate does not count  marginally attached workers  8. Underemployed Workers : Workers who would like to find  full-time jobs but are currently working part time for  “economic reasons” – that is, they can’t find a full-time job  a. The unemployment rate does not count  underemployed workers   Adult population 200 million Labor force 150 million Employed 138.75 million Discouraged workers 10.5 million

## According to the table, what is the unemployment rate and what is the labor force participation rate?

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When this  happens … Aggregat e  Demand  INCREASE S But when  this  happens… Changes  in  Expectati ons When  consumers  and firms  become more Shift to  the right When  consumers  and firms  come more

## 12 others were unemployed for 1 non-overlapping month each What is the unemployment rate?

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Aggregate  demand  DECREASES  Shift to the  left

optimistic

pessimistic Changes  in Wealth When the real value of  household  assets rises Shift to  the right When the  real value of  household  assets fall Size of  the  existing  stock of  physical  capital When the  existing stock of physical  capital is  small Shift to  the right When the  existing sock of physical  capital is  large Fiscal  Policy When the  government  increases  spending or  cuts taxes Shift to  the right When the  government  reduces  spending or  raises taxes Monetary  Policy When the  central bank  increase the  quantity of  money Shift to  the right When the  central bank  reduces the  quantity of  money