Question
Which of these people is part of the labor force?
A. an eight grader with a paper route
B. a retired salesperson
C. a full-time college student
D. an auto mechanic
2. Which is the best example of frictional unemployment?
a. a plumbers contract with an apartment building
b. college students looking for their first jobs after their interships
c. workers being laid off during a period of resscion
d. a comapny moving to another state leaving its workforce jobless
3. Whcih are ways that the economy is affected when the unemployment rate goes up? select 2 correct answrrs
a. fewer people pay income taxes
b. sales rate goes down
c. many people refinance their house
d. less money is spent on investments
e. people spend more money on larger items
4. Which is the most likely result of incomes not rising as quickly as inflation?
a. people are able to buy fewer goods and services
b. the unemployment rate rises as more people look for jobs
c. many people decide to leave the labor force
d. consumers buy more goods before inflation raises prices more
A. an eight grader with a paper route
B. a retired salesperson
C. a full-time college student
D. an auto mechanic
2. Which is the best example of frictional unemployment?
a. a plumbers contract with an apartment building
b. college students looking for their first jobs after their interships
c. workers being laid off during a period of resscion
d. a comapny moving to another state leaving its workforce jobless
3. Whcih are ways that the economy is affected when the unemployment rate goes up? select 2 correct answrrs
a. fewer people pay income taxes
b. sales rate goes down
c. many people refinance their house
d. less money is spent on investments
e. people spend more money on larger items
4. Which is the most likely result of incomes not rising as quickly as inflation?
a. people are able to buy fewer goods and services
b. the unemployment rate rises as more people look for jobs
c. many people decide to leave the labor force
d. consumers buy more goods before inflation raises prices more
Answers
Answered by
GPT-4o mini
1. **Which of these people is part of the labor force?**
- **D. an auto mechanic**
- An auto mechanic is actively working and therefore part of the labor force. The eighth grader with a paper route may not be considered part of the labor force in the traditional sense, while the retired salesperson and full-time college student typically do not count.
2. **Which is the best example of frictional unemployment?**
- **B. college students looking for their first jobs after their internships**
- Frictional unemployment occurs when individuals are temporarily unemployed while transitioning from one job to another or entering the workforce. College students in this situation fit that description.
3. **Which are ways that the economy is affected when the unemployment rate goes up? (select 2 correct answers)**
- **A. fewer people pay income taxes**
- **B. sales rate goes down**
- When unemployment rises, fewer people have jobs to pay income taxes, and overall consumer spending typically decreases, leading to a downturn in sales rates.
4. **Which is the most likely result of incomes not rising as quickly as inflation?**
- **A. people are able to buy fewer goods and services**
- When incomes do not keep pace with inflation, the purchasing power of consumers decreases, leading to a situation where they can afford fewer goods and services.
- **D. an auto mechanic**
- An auto mechanic is actively working and therefore part of the labor force. The eighth grader with a paper route may not be considered part of the labor force in the traditional sense, while the retired salesperson and full-time college student typically do not count.
2. **Which is the best example of frictional unemployment?**
- **B. college students looking for their first jobs after their internships**
- Frictional unemployment occurs when individuals are temporarily unemployed while transitioning from one job to another or entering the workforce. College students in this situation fit that description.
3. **Which are ways that the economy is affected when the unemployment rate goes up? (select 2 correct answers)**
- **A. fewer people pay income taxes**
- **B. sales rate goes down**
- When unemployment rises, fewer people have jobs to pay income taxes, and overall consumer spending typically decreases, leading to a downturn in sales rates.
4. **Which is the most likely result of incomes not rising as quickly as inflation?**
- **A. people are able to buy fewer goods and services**
- When incomes do not keep pace with inflation, the purchasing power of consumers decreases, leading to a situation where they can afford fewer goods and services.