Fill in the blanks using the number that corresponds to the correct word or phrase below 1. Labor statistics 2. Labor force participation rate 3. underemployed 4. Percen 5. census 6. Not in the Labor force 7. Discouraged workers An individual with a college degree in finance who is working as a sales clerk would be considered Those who have stopped looking for employment and, hence, are no longer counted in the unemployed are classified as The percentage of adults in an economy who are either employed or who are unemployed and looking for a job is called Unemployment is calculated as a The Bureau of tracks and reports all data related to unemployment. Children should be counted as Those who have quit looking fo a job, often due to being discouraged by their inability to find suitable employment are counted as The U.S. unemployment rate, which is based on a monthly survey carried out by the U.S. Bureau . D Question 8 Fill in the blanks using the number that corresponds to the correct word or phrase 1. natural rate of unemployment 2. unemployment rate 3. less 4. greater 5. Cyclical unemployment 6. structural unemployment 8. Frictional unemployment The variation in unemployment caused by the economy moving from expansion to recession or from recession to expansion (i.e. the business cycle) is known as Economists have a term to describe level of unemployment that occurs even when the economy is healthy: it is called the The unemployment that occurs in the meantime, as workers move between jobs, is called arises when individuals have no jobs because they lack skills valued by the labor market, either because demand has shifted away from the skills they do have, or because they never learned any skills The economy is considered to be at full employment when the actual unemployment rate is equal to the When the economy is below full employment, the is greater than the natural unemployment rate and real GDP is than potential. When the economy is above full employment, then the unemployment rate is less than the rate and real GDP is than potential