Refer to the Following Table to Answer
Table

question 47

Multiple Choice

Refer to the following table to answer
Table 7.1: U.S. Employment Status (in thousands)
$$\begin{array} { l r r } & \text { Jan 2012 } & \text { Jan 2013 } \\\hline \text { Civilian noninstitutionalized } & & \\\text { population } & 242,269 & 244,663 \\\text { Unemployed } & 12,748 & 12,332 \\\text { Employed } & 141,608 & 143,322 \\\text { Not in Labor Force } & 87,913 & 89,008 \\\hline\end{array}$$
-Consider Table 7.1. In January 2013, the employment population ratio was:

• A) 8.6 percent
• B) 58.6 percent
• C) 36.4 percent
• D) 7.9 percent
• E) 63.6 percent

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Definitions:

Structural Unemployment

An unemployment scenario where there's an incongruence between the skillsets provided by the labor market and those needed by employers.

Efficiency Wages

Wages that are deliberately set above the market equilibrium to increase productivity by attracting better applicants, reducing turnover, or increasing worker effort.

Equilibrium Level

The state in which market supply and demand balance each other, and as a result, prices become stable.

Structural Unemployment

A situation where there is a mismatch between the skills workers have and the skills needed by employers due to technological changes or other factors.