Morgan State University Labor Questions

  • The Labor Department said Friday that the unemployment rate dipped to 7.6 percent, the lowest in four years, from 7.7 percent. But the rate fell only because more people stopped looking for work. People who are out of work are no longer counted as unemployed once they stop looking for a job.
  • 1. People who are out of work and no longer counted as unemployed are called. ____________________________________.

    2.Define the unemployment rate. Are they counted in the labor force?

    3.Due to Covid 19 the machines used to produce cement are used 4 hours a day instead of 8 hours a day, construction workers are working 3 days a week instead of 5. What is the term we would use to describe how we would label people or resources used but a less than full capacity? We would say they are ________________.

    4. Al went to the movies. His driver’s license shows he was born in1987. Name the population group to which Al is a member and the years that population was born. 5. Mike his father was born in 1950. Name the population group for Mike and the years that population group was born.

    6. According to Adam Smith What are the 2 (out of 3) legitimate roles of government? (10 points)

    7. What are the 4 returns to the factors of production. (10 points)

    8. The cost of employer-sponsored health care benefits are expected to approach $15,000 per employee next year. Big employers project that their total cost of providing medical and pharmacy benefits will rise 5 percent for the sixth consecutive year in 2019. The total cost of health care, including premiums and out-of-pocket costs for employees and dependents, is estimated to average $14,800 per employee in 2019, up from $14,099 this year. Large employers will cover roughly 70 percent of those costs, leaving $4,400 on average for employees to pick up in premium contributions and out-of-pocket expenses. ( 5 points)

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    Read the above. For Employers, what is the “OPPORTUNTY COST “of health care? (not the price)

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