The answers to the practice multiple-choice questions are below. Just click on "Read more". 1. C 2. C 3. B 4. B Need more practice?, Get the Ultimate Review Packet. It is FREE to start. Step 1: Go to: www.ultimatereviewpacket.com Step 2: Create a free account Step 3: Enroll in the free version of the MACROeconomics packet
@@_Rohan007_ For total work force, you have too include everyone who is employed (doesn't matter if it is part time or full-time), and the number of people officially unemployed. (total is 800). Then just divide the unemployed (40) by the total workforce (800), multiply by 100, and you'll get you answer of 5%.
Been watching you since my senior year in high school. Now I have a BS in economics and BA in Poli Sci. My econ masters program got suspended for a year. But hey even more than 5 years later im still here.
I’m an accounting student and have always disliked learning econ, and now I know it’s because I never understood them. Thanks to your videos, I’m spending hours watching them now and I totally get it or at least know what to look up. Thank you!!!
1. C, (A): period of unemployment is to long, (B): Full time students aren't employed, (C) Frictianl Unemployment, (D): retired so they aren't counted towards labor force, (E) is employed 2. C, (A,D,E) not enough info to back up claims, 40/800 =0.05 *100 = 5% unemployment, (B) 800(Labor force)/820( able body workers ) =0.97*100= 97% not 76% 3. B, Everything is accounted for besides those who are discoruaged workers as they aren't counted toward unemployment. 4. B, Natural rate of unemployment is when there is not reccestion a.k.a. cyclical unemploymet Might be wrong so type in corrections :)
@@mahamm559 Dude. Just study and pay attention to your work. Asking random people over the internet to help you with your tests is a sure-fire way to get expelled or fail.
@@georgiehughes3075 Yes, I think so. I think that there are some inconsistencies within the packet but they're not terrible and the practice is for sure going to get you a 4-5 on the exams.
Forgive me if I'm wrong but I think one big overview point is that when the labour rate hits that frictional zone and stays there that another thing that keeps it from going to zero is new people reentering the labour force due to increased wages from a shortage of labour which ties into supply/demand
@@JacobAClifford And speaking of forgetting things - Thanks for these videos. Long out of my schooling years but I still learn something new from almost all of your videos.
Structural Unemployment: Changes in the structure of the labor force make some skills obsolete, workers do not have transferable skills and these jobs will never come back Frictional Unemployment: Workers are temporarily unemployed or between jobs, individuals are qualified workers with transferable skills but are not working Natural rate of Unemployment: The amount of unemployment that exists when the economy is health, when there is only frictional and structural unemployment Cyclical Unemployment: The result of an economic downturn or recession, as demand for goods and services falls, the demand for labor falls and workers are laid off
I have subscribed to your channel and purchased both your macro and micro ultimate review packets, THEY ARE SOOOOO HELPFUL, honestly I wish you were my professor. I was wondering, do you have any videos on the Investment-Savings curve??
The informal sector employment also could make the numbers look bright when its actually not. And in some cases people have migrated back to villages leaving their previous jobs due to lockdown and they desperately seek for some alternate employment or self employment.
Hey, professor Jacob Clifford, I've learned a great deal from your videos, I'm an Econ major but I'm considering changing to a Business in economics any insights on that? I'd appreciated it.
labour force -- ppl that are actively seeking for a job/have one. frictional un--> temporary unemployment when ppl switch jobs or enter the labour force. this type always exists as ppl always switch jobs and new always enter. structural un --> long-term un, as workers dont have right skills. tech improvement makes some jobs obsolete. this also always exists. these 2 make up the NRU (national rate of unemployment). --> the amt of unm existing even with economy doing great. cyclical un --> result of a downturn in economy. workers losing jobs due to recession. e.g. pandemic. ppl not going out to eat. owners lay off their cooks and servers, spike in umn.
Frictional Unemployment may not be voluntary as well. If someone is fired from their job and is on the lookout for a new job, he is frictionally unemployed, and it was not voluntary.
@@JacobAClifford thank you ! I felt lucky and accomplished to be noticed. I've been learning more on Econ because of your videos , and for that I am truly grateful. ☺️
We did a PPC graph in Macroeconomics today regarding unemployment. I was wondering where you would put the point on the chart if unemployment was high but jobs weren’t available. You pretty much answered that with structural unemployment being configured in the natural rate of unemployment. With that being said, I’m guessing you can only put unemployment on a PPC graph as Labor Force only. I was asking my teacher where we would put natural unemployment rate at on the PPC in regards to automation/no jobs available due to advances in technology- requiring fewer workers/not the right skillset, and she didn’t really give an answer. I was confused, she just said that was a microeconomics topic. I guess if it was on the PPC it would be on the outside of the PPC, right?
Mr. Cliford, In question 1 "how come Pat who recently left a job to look for a different job in another town is considered officially employed? Shouldn't it be " Lee who is working for 20 hrs per week and is seeking full-time employment?
No, since part time employed people are also counted in the employed column. To be counted as unemployed, you have to be not working but actively looking for work.
Austin Powers : Mole. Bloody mole. We aren't supposed to talk about the bloody mole, but there's a bloody mole winking me in the face. I want to c-u-u-t it off, ch-o-o-p it off, and make guacamole.
your videos are super helpful! (lets not use the stay-at-home mom's as an example when talking about what doesn't count as the working population, it seemed like you were invalidating SAHMs)
@4:40, "During the pandemic, people couldn't go out to eat" is very different than saying, "during the pandemic, Daddy Government wouldn't let you go out to eat"
I've been looking for a means to get my life back on track since my divorce, my advice? start your own business. working for an organization is a waste of time. i started a day care during the covid crisis and now i have close to 400k in my savings account
it's easy to give advice on starting a business..but everyone would agree with me that the only problem is how do i raise the money to start this business? i have zero savings
@@robinsonbaker1963 i understand that but if you're really passionate about this you'd find a way, or you can do what i did and get funding from a Covid NGO and start your own business, they took a look at my work history and i don't know how but their pro Bono lawyers got me $35,000 as compensation for getting laid off from my last job due to covid
So we're using Tommy boy and Fortnite to try to relate to the same generation? To help express information in a way that is more fun which could all be expressed in like half the time.... What is that called again? Negative externality cost?
With movement of population from unemployed to out of labour force will not increase the % or no. of Noninstitutional civilian population.... Please make it correct! @jacob Clifford
@@JacobAClifford at 2:57 in bar graph ,the labours being out of labour force is increasing the Noninstitutional population ( whereas Noninstitutional population will remain constant even if the workers are loosing hope of being employed, i.e out of labour force)
The answers to the practice multiple-choice questions are below. Just click on "Read more".
1. C
2. C
3. B
4. B
Need more practice?, Get the Ultimate Review Packet. It is FREE to start.
Step 1: Go to: www.ultimatereviewpacket.com
Step 2: Create a free account
Step 3: Enroll in the free version of the MACROeconomics packet
Can you please explain the answer to question 2 sir
Thank you 🙏
Compared to this guy our lectures are 0
I got 3 of them right except the first one
How about the third one, that's a little confusing. Can anybody explain that to me? Thanks a lot
@@_Rohan007_ For total work force, you have too include everyone who is employed (doesn't matter if it is part time or full-time), and the number of people officially unemployed. (total is 800). Then just divide the unemployed (40) by the total workforce (800), multiply by 100, and you'll get you answer of 5%.
You must be aware that you are saver of billions of students.
Got 100 from my final exam and your videos are magnificent
Greetings from Azerbaijan😊
Which university are you in? I am in Ada.
@@balaoghlanovh Baku Engineering University
qaqa harda oxuyursan? halaldi bu arada
I dont think there is even a billion Youtubians...
Me too U of Toronto
My class spends 2 hours for this and here he is, making it to 6 and a half mins. Thank you very much
Got me reading a textbook for houuuuuuuurrrrrrrrsssssssssssss
Bro my class spent two weeks on half the stuff he covered. Jacob is a god in a human body
Thanks Mr. Clifford! I watched your videos when I was 17 in high school. I’m 27 now and still learning from your lessons. You’re a game changer!!
😮😮😮😮
I am watching these while I am 15, and I can't wait till I'm 27 because I will probably still watch Mr. Clifford.
Been watching you since my senior year in high school. Now I have a BS in economics and BA in Poli Sci. My econ masters program got suspended for a year. But hey even more than 5 years later im still here.
You are one of the few people who make a great impact on my life...
I cannot thank you enough...!!!
5 years later and you are still the greatest explainer in UA-cam history
8*
Finishing my degree after a 15 yr break. It's been a challenge learning again. You make it fun and easy to understand. Thank you!
I’m an accounting student and have always disliked learning econ, and now I know it’s because I never understood them. Thanks to your videos, I’m spending hours watching them now and I totally get it or at least know what to look up. Thank you!!!
1. C, (A): period of unemployment is to long, (B): Full time students aren't employed, (C) Frictianl Unemployment, (D): retired so they aren't counted towards labor force, (E) is employed
2. C, (A,D,E) not enough info to back up claims, 40/800 =0.05 *100 = 5% unemployment, (B) 800(Labor force)/820( able body workers ) =0.97*100= 97% not 76%
3. B, Everything is accounted for besides those who are discoruaged workers as they aren't counted toward unemployment.
4. B, Natural rate of unemployment is when there is not reccestion a.k.a. cyclical unemploymet
Might be wrong so type in corrections :)
I got the same thing.
Graduated in April and still watch because it’s entertaining and I’m learning lol
@@mahamm559 Dude. Just study and pay attention to your work. Asking random people over the internet to help you with your tests is a sure-fire way to get expelled or fail.
Last school year I was in sophomore, got the packet for micro and aced the exam. Thank you 🙏 Mister Clifford!!
You are welcome!
Where do u get the packet ?
@@georgemwanza6339 check the links in the description
would you say it's definitely worth the money?
@@georgiehughes3075 Yes, I think so. I think that there are some inconsistencies within the packet but they're not terrible and the practice is for sure going to get you a 4-5 on the exams.
If only there was a Jacob Clifford for Chemistry...
tyler dewitt!
organic chemistry tutor >>>>>>>
Need another for Calculus as well...
Free science lessons
@@grandadmiralthrawn9421 khan academy.
I love your videos...short and easy to grasp😎
learned more from this 6-7 mins of video than an hour of lecture that I pay for!!!!
Great work man! I love your review packet. Bless ya!
The most useful video ever create
My new fav youtube channel. Thanks needed this!
Using your vids to study for my college ECON 121 class, tysm
Yes you did teach me a lot
But already liked and subscribe
So lets settle for comment 😁
Deal :)
I’m only passing economics because of you! Thank you
WOW, you dont realise how helpful you are....Thank you
Forgive me if I'm wrong but I think one big overview point is that when the labour rate hits that frictional zone and stays there that another thing that keeps it from going to zero is new people reentering the labour force due to increased wages from a shortage of labour which ties into supply/demand
That's a good point. I didn't add that since I can only cover so much, but you are absolutely right.
@@JacobAClifford And speaking of forgetting things - Thanks for these videos. Long out of my schooling years but I still learn something new from almost all of your videos.
Not studying economics right now, but I love to watch these videos.
Thank you so much
I’m now 3 hours away from my Macros ECON final exam
you don't age!!! Thank you so much for these videos
Structural Unemployment: Changes in the structure of the labor force make some skills obsolete, workers do not have transferable skills and these jobs will never come back
Frictional Unemployment: Workers are temporarily unemployed or between jobs, individuals are qualified workers with transferable skills but are not working
Natural rate of Unemployment: The amount of unemployment that exists when the economy is health, when there is only frictional and structural unemployment
Cyclical Unemployment: The result of an economic downturn or recession, as demand for goods and services falls, the demand for labor falls and workers are laid off
Das nice homie
Thank you very much mr Jacob You help me understand in a simple and easy way
Lmao he used a dumpster fire to represent 2020😂
You're right. The dumpster should have had dynamite and another tsar bomb. THEN it would be 2020
idk what id do without you
Thank you for this video ,it helped A LOT !!
Salute you from India
Great visuals. I wish videos today taught like you. Economics is like math= people that teach use big words and love to make you feel dumb.
I never went to college and I’ve been watching his videos for about a month now
school or not doesn't limit a learner!
Like you always🥰 great content
B, thanks I'm 11 trying to learn economics and it's hard (answer to the pop quiz) ❤
Thank you so much for your great explanation
You are a life saver
I have subscribed to your channel and purchased both your macro and micro ultimate review packets, THEY ARE SOOOOO HELPFUL, honestly I wish you were my professor.
I was wondering, do you have any videos on the Investment-Savings curve??
Thanks for making these videos!! :)
200th, also, I watched this entire video.
The informal sector employment also could make the numbers look bright when its actually not. And in some cases people have migrated back to villages leaving their previous jobs due to lockdown and they desperately seek for some alternate employment or self employment.
You save my life
You are great!
the office references and gifs make this so much more interesting ahahhaahahahaha
Hey, professor Jacob Clifford, I've learned a great deal from your videos, I'm an Econ major but I'm considering changing to a Business in economics any insights on that? I'd appreciated it.
this made me feel a lot better about myself! Lol.
Hey do u still make videos at crash course ?
labour force -- ppl that are actively seeking for a job/have one.
frictional un--> temporary unemployment when ppl switch jobs or enter the labour force.
this type always exists as ppl always switch jobs and new always enter.
structural un --> long-term un, as workers dont have right skills. tech improvement makes some jobs obsolete. this also always exists.
these 2 make up the NRU (national rate of unemployment). --> the amt of unm existing even with economy doing great.
cyclical un --> result of a downturn in economy. workers losing jobs due to recession.
e.g. pandemic. ppl not going out to eat. owners lay off their cooks and servers, spike in umn.
Thank you ❤
Mr. Clifford, then are frictional and structural unempolyment are regarded as 'voluntary unemployed'? Whereas cyclical unemployment is not voluntary?
Frictional Unemployment may not be voluntary as well.
If someone is fired from their job and is on the lookout for a new job, he is frictionally unemployed, and it was not voluntary.
First like yehey
Omooo first comment too.
@@herviegumaling6789 First person to get a reply
@@JacobAClifford thank you ! I felt lucky and accomplished to be noticed. I've been learning more on Econ because of your videos , and for that I am truly grateful. ☺️
Man, i love you
Answer of 1st question is C
I'm from Sri Lanka. I want videos about various approach of GDP
Sri Lanka 👍👍👍👍
Srilanka
he made one
ua-cam.com/video/BnrBRuoVefY/v-deo.html
“Unemployment is of vital importance, particularly to the unemployed.” - Edward Heath, former PM of UK
that 'hey internet" and the intro music really took me back to 2011
my head exploded before he talked... I don't think I have ever seen the thing in his show
We did a PPC graph in Macroeconomics today regarding unemployment. I was wondering where you would put the point on the chart if unemployment was high but jobs weren’t available. You pretty much answered that with structural unemployment being configured in the natural rate of unemployment. With that being said, I’m guessing you can only put unemployment on a PPC graph as Labor Force only. I was asking my teacher where we would put natural unemployment rate at on the PPC in regards to automation/no jobs available due to advances in technology- requiring fewer workers/not the right skillset, and she didn’t really give an answer. I was confused, she just said that was a microeconomics topic. I guess if it was on the PPC it would be on the outside of the PPC, right?
Sir g great
What are the answers to the 4 practice questions at the end? Is it CBBB?
Mr. Cliford, In question 1 "how come Pat who recently left a job to look for a different job in another town is considered officially employed? Shouldn't it be " Lee who is working for 20 hrs per week and is seeking full-time employment?
No, since part time employed people are also counted in the employed column. To be counted as unemployed, you have to be not working but actively looking for work.
Hello. Can i ask? What kind of condition would the unemployment rate be overestimated?
Do you give private online tutoring for business student?
The way unemployment is measured has changed since the 1930s so how much does that influence the numbers?
thank uuuu sooo muchhh
Thanks mate :)
Wait, what about when the resturant owners brought their servers back to work because people started eating at resturants again outdoors?
C = Leslie. Who retired after turning 65 only five month ago
Question #2 how do you get 40 unemployed people out of 1000 to = 5%? Am I missing some @jacob Clifford?
The unemployment rate is #/labor force #. 40/600+160 (100) = 5%
@@laurenshew9605 Thank you!
how is 2c?
exactly. if the rate was 5% it would have to be 38 poeple unemployed
Sir if you cover UPSC Syllabus on INDIAN ECONOMY, you will get lots of likes and views
Austin Powers : Mole. Bloody mole. We aren't supposed to talk about the bloody mole, but there's a bloody mole winking me in the face. I want to c-u-u-t it off, ch-o-o-p it off, and make guacamole.
I don't know who you are but I'll find you and thank you
Got B,C,B, and B
Tommy Boy
Need to watch that movie
2 thumbs up for the Tommy boy reference.
Thank you. I was hoping that someone else loves that movie too
Kris Underpass
gooooooood
1 C
2 C
3 B
4 B
Are structurally unemployed discouraged workers?
Just for a review can anyone tell if in the Q2 labor force participation rate is counted like this? 160+600/1000-20 (100)
your videos are super helpful! (lets not use the stay-at-home mom's as an example when talking about what doesn't count as the working population, it seemed like you were invalidating SAHMs)
C is correct
@4:40, "During the pandemic, people couldn't go out to eat" is very different than saying, "during the pandemic, Daddy Government wouldn't let you go out to eat"
Cheer~~~the state of being unemployed.😅
I used to watch "Tommy Boy" bi-monthly.
I've been looking for a means to get my life back on track since my divorce, my advice? start your own business. working for an organization is a waste of time. i started a day care during the covid crisis and now i have close to 400k in my savings account
it's easy to give advice on starting a business..but everyone would agree with me that the only problem is how do i raise the money to start this business? i have zero savings
@@robinsonbaker1963 i understand that but if you're really passionate about this you'd find a way, or you can do what i did and get funding from a Covid NGO and start your own business, they took a look at my work history and i don't know how but their pro Bono lawyers got me $35,000 as compensation for getting laid off from my last job due to covid
@@feliciasherbert989 what's the name of this organization and how can i get to them please?
@@taylorgreen5908 i can't leave their lawyer's details here but sure you can reach them through their mail
covidunemploymentprobono @ gmail . com
how long has that milk been there? it is in all the videos that have a brick wall behind him! is it a green screen behind him or is it real?
So we're using Tommy boy and Fortnite to try to relate to the same generation? To help express information in a way that is more fun which could all be expressed in like half the time.... What is that called again? Negative externality cost?
Why is the natural unemployment rate and full employment basically the SAME thing?
who wants video on India economy hit like .
At what age did people learn this?
fire
am i the only staring at the half gallon of milk just sitting on the back shelf? . . . . . .
Uncover future insights with an exclusive interview featuring Binance’s CEO
Answer is E part
With movement of population from unemployed to out of labour force will not increase the % or no. of Noninstitutional civilian population.... Please make it correct! @jacob Clifford
Can you please ask your question again? I'm not sure what you mean
@@JacobAClifford at 2:57 in bar graph ,the labours being out of labour force is increasing the Noninstitutional population ( whereas Noninstitutional population will remain constant even if the workers are loosing hope of being employed, i.e out of labour force)
6:07
Arnold Corner