ECO202 Macroeconomics Term Test 3 Exam
Questions And Answers 100% Pass
2 things needed to be considered part of "labour force" - answer✔1. eligible for working
2. LOOKING for a job
and 15+
So when are you considered unemployed? - answer✔When you are actively looking for a
job but cannot get one.
Are students who are not working part of the labour force? What does your answer mean
for unemployment? - answer✔NO. They are not part of the labour force.
This means that they are not part of the unemployment data either.
What 3 things does working age exclude? - answer✔1. Population below 15
2. Prisoners
3. Members of Canadian Armed Forces
who are the employed? - answer✔labour force MINUS unemployed.
Formula for unemployment rate - answer✔Unemployed: (labour force - employed)/labor
force
Formula for participation rate. What is this an indicator of? - answer✔labour
force/Working age
Indicator of labour supply
4 factors that affect participation rate and how they affect it - answer✔1. Women in labour
force (+)
2. Education (-)
3. Demographic factors (e.g. aging) (-)
4. Labour market conditions (+/-)
What gender increased participation in labour force and which one decreased? Since 1953
- answer✔Women increased a lot.
Men declined slightly
Why did men labour participation decline a bit? - answer✔Extension of education. Staying
longer in education means less participation in labour force
Especially for 15-24
So women also extended education, why didnt their labour force participation decline? -
answer✔Although they did extend education, the dominating effect for women is actually
the women joining the labour force.
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