Toni Weiss Econ 1020 First Midterm Tulane University Study Guide Graded A+

What is the definition of being unemployed? {Ans: You have actively looked for work within the past four weeks or have been laid off and waiting to be called back.}Labor force participation rate=? {Ans: =# in Labor Force/ Civilian working age population}How do you calculate economic growth vis-a-vis GDP? (Lets just say you are trying to find the economic growth of 2015 compared to 2014) {Ans: (Real GDP 2015- Real GDP 2014)/Real GDP 2014}Disposable Income=? {Ans: =Personal Income - Private Taxes (personal taxes aka income taxes)}How many hours per week must you work to be considered unemployed? {Ans: 1 hour}What does it mean to be under-employed? {Ans: to be a part-time worker involuntarily}