Chapter 6

Question 1

The portion of the economy who does not have a job

Answer 1

Unemployed

Question 2

Portion of the labor force that actually has a job and is working

Answer 2

Labor Force Participation Rate (LFPR)

Question 3

Unemployment that results from people leaving one job to find another; not a long search period

Answer 3

Frictional Unemployment

Question 4

Unemployment that results from unions, minimum wage rate, sectoral change; new technology occurs or change in economy

Answer 4

Structural Unemployment

Question 5

Unemployment that results from seasonal changes such as holidays, or season change

Answer 5

seasonal unemployment

Question 6

Unemployment that occurs from the business cycle and is related to recessions

Answer 6

cyclical unemployment

Question 7

Used for calculating Inflation

Answer 7

Consumer Price Index