ECONOMICS

Chapter 9/13 – Review Game

1. What is civilian men and women, 16 and over, ACTIVELY seeking work?
unemployment
2. What is unemployment that occurs when people take time to find a job?
frictional
3. What is labor that requires no special skills or training? unskilled
4. In a pure, free market economy, how are wages determined?
Supply and demand
5. What is unemployment that occurs when workers’ skills do not match the jobs
that are available? structural
6. What is labor that requires specialized skills & training? SKILLED
7. The labor force includes
Only male employees and job seekers
All men and women aged 14 and older
Military personnel
All employed and job-seeking people aged 16 and over (ANS)
8. What is unemployment that occurs as a result of harvest schedules or vacations,
or when industries slow or shut down for a season? seasonal
9. In the circular flow model, _____ provide resources to the _____ market.
Households/ factor
10. What is labor that requires minimal specialized skills & education? SEMI-
SKILLED
11. What is a worker in AN INDUSTRIAL JOB? Blue collar
12. Which of the following people is likely to earn the highest wage?
An unskilled worker
A semi-skilled worker
A skilled worker
A professional worker (ANS)
13. What is unemployment that rises during economic downturns and falls when the
economy improves? cyclical
14. What is a wage rate when there is no excess in the demand for workers or in
the supply of workers? EQUILIBRIUM WAGE
15. WHAT IS LABOR THAT REQUIRES ADVANCED SKILLS & EDUCATION?
PROFESSIONAL
16. A change in consumer demand would lead to which type of unemployment?
structural
17. This is the study of entire economies and large decision-making units
Macroeconomics
18. What is a worker in a professional job receiving a salary? White-collar
19. Someone losing their job at Home Depot because of a downturn in the economy
is which type of unemployment? Cyclical
20. Which of the following people is considered part of the labor force?
An army sergeant
A 14 year-old with an after-school job
A person who has lost a job but is looking for one (ANS)
A mother raising her child at home
21. What is knowledge & skills a worker gains through education & experience?
Human capital
22. In which market in the circular flow model would firms purchase labor? factor
23. Full employment means there is no _____ unemployment. cyclical
24. At Point T, what is the opportunity cost of making one additional computer? 3
units of Food (See graph)
25. At Point R, what is the opportunity cost of making one additional unit of food? 1
computer (See graph)