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Exam 28: Unemployment and Its Natural Rate

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Question 91

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Ignoring the differences across states, explain the benefit provided to the typical worker in the United States from unemployment insurance.

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Worker receives 50% ...

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Question 92

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The Bureau of Labor Statistics' U-2 measure of joblessness includes job losers and job leavers.

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Question 93

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Adults who are waiting to be recalled to a job from which they had been laid off are counted as "unemployed."

The efficiency-wage theory of worker health is more relevant for less developed countries than rich countries.

Structural unemployment is often thought to explain relatively short spells of unemployment.

Which of the following includes everyone in the adult population that the Bureau of Labor Statistics counts as "unemployed"?

Figure 28-3 ​ -Refer to Figure 28-3. If the minimum wage is set at $100, how many will be unemployed?

The amount of unemployment varies little over time and across countries.

What is the theory of efficiency wages? Provide four reasons that employers might pay efficiency wages.

A typical American worker covered by unemployment insurance receives 50 percent of his former wages for 52 weeks.

The introduction of a union into a firm benefits all of that firm's workers.

Unemployment insurance __________ the amount of unemployment.

Table 28-4 The following data is about the labor market in the city of Productionville. ​ ​ $\begin{array} { | c | c | c | } \hline \begin{array} { c } \text { Wage } \\\text { (Dollars per hour) }\end{array} & \begin{array} { c } \text { Quantity Demanded } \\\text { (Units) }\end{array} & \begin{array} { c } \text { Quantity Supplied } \\\text { (Units) }\end{array} \\\hline 8 & 6,000 & 16,000 \\\hline 7 & 9,000 & 14,000 \\\hline 6 & 12,000 & 12,000 \\\hline 5 & 15,000 & 10,000 \\\hline 4 & 18,000 & 8,000 \\\hline\end{array}$ ​ -Refer to Table 28-4. If the local government imposed a minimum wage of $7 in Productionville, how many people would be unemployed?

Changes in the products for which a nation has a comparative advantage create sectoral shocks leading to an increase in frictional unemployment.

The Bureau of Labor Statistics divides the adult population into four categories: employed, underemployed, unemployed, and not in the labor force.

Most spells of unemployment are short. About half of unemployment spells end with an exit from the labor force.

Both full-time and part-time workers are included in the Bureau of Labor Statistics' "employed" category.

Unions are exempt from U.S. antitrust laws.

Discuss the labor-force participation trends for men and women since 1950.

Table 28-4 The following data is about the labor market in the city of Productionville. ​ ​ $\begin{array} { | c | c | c | } \hline \begin{array} { c } \text { Wage } \\\text { (Dollars per hour) }\end{array} & \begin{array} { c } \text { Quantity Demanded } \\\text { (Units) }\end{array} & \begin{array} { c } \text { Quantity Supplied } \\\text { (Units) }\end{array} \\\hline 8 & 6,000 & 16,000 \\\hline 7 & 9,000 & 14,000 \\\hline 6 & 12,000 & 12,000 \\\hline 5 & 15,000 & 10,000 \\\hline 4 & 18,000 & 8,000 \\\hline\end{array}$ ​ -Refer to Table 28-4. If the local government imposed a minimum wage of $4 in Productionville, how many people would be unemployed?