Question 1

The adult population in the town of Bedrock is 75 thousand. Within Bedrock, 5 thousand are unemployed, and 40 thousand are employed. Calculate the number of people not in the labor force.

Accepted Answer

The answer of The adult population in the town of...

Question 2

Sectoral shifts temporarily cause unemployment.

Accepted Answer

A) True 
 B)False

Question 3

Define efficiency wages.

Accepted Answer

Efficiency wages are...

Question 4

Unions contribute to

Accepted Answer

A)   frictional unemployment but not the natural rate of unemployment.
B)   the natural rate of unemployment but not frictional unemployment.
C)   both frictional unemployment and the natural rate of unemployment.
D)   neither frictional unemployment nor the natural rate of unemployment.E) All of the above
F) C) and D)

Question 5

The unemployment rate equals the percentage of the adult population that is unemployed.

Accepted Answer

A) True 
 B)False

Question 6

Cyclical unemployment is closely associated with

Accepted Answer

A)   long-term economic growth.
B)   short-run ups and downs of the economy.
C)   fluctuations in the natural rate of unemployment.
D)   changes in the minimum wage.E) A) and D)
F) C) and D)

Question 7

Why have labor-force participation rates for women in the United States increased since World War II while labor- force participation rates for men have decreased?

Accepted Answer

Causes of the increase in the U.S. women...

Question 8

The Bureau of Labor Statistics reported in 2005 that there were 53.23 million people over age 25 who had at least a bachelor's degree, 40.59 million of whom were employed and 0.98 million of whom were unemployed. What were the labor-force participation rate and the unemployment rate for this group?

Accepted Answer

A)   76.3% and 1.8%
B)   76.3% and 2.4%
C)   78.1% and 1.8%
D)   78.1% and 2.4%E) A) and B)
F) A) and C)

Question 9

Unions contribute to

Accepted Answer

A)   cyclical unemployment.
B)   frictional unemployment.
C)   seasonal unemployment.
D)   structural unemployment.E) B) and D)
F) A) and D)

Question 10

Most economists believe unions are bad for the economy as a whole.

Accepted Answer

A) True 
 B)False

Question 11

Christopher is an unpaid, stay-at-home father who works as a volunteer at the local Habitat for Humanity chapter. Currently, Christopher is not looking for a paid job. The Bureau of Labor Statistics counts Christopher as

Accepted Answer

A)   unemployed and in the labor force.
B)   unemployed but not in the labor force.
C)   in the labor force but not unemployed.
D)   neither in the labor force nor unemployed.E) None of the above
F) A) and C)

Question 12

Figure 28-4 
-Refer to Figure 28-4. If the government imposes a minimum wage of $7, how many workers will be unemployed?
A)  0

Accepted Answer

A)   2,000
B)   4,000
C)   6,000D) A) and B)
E) A) and A)

Question 13

Who of the following would necessarily be included in the Bureau of Labor Statistics' "unemployed" category?

Accepted Answer

A)   Huey, who did not work during the previous four weeks
B)   Dewey, who tried to find new employment during the previous four weeks
C)   Louie, who was an unpaid worker during the previous four weeks
D)   None of the above is correct.E) All of the above
F) A) and D)

Question 14

Which of the following is not correct?

Accepted Answer

A)   When a union is present in a labor market, wages are determined by the equilibrium of supply and demand.
B)   Like any cartel, a union is a group of sellers acting together in the hope of exerting their joint market power.
C)   The process by which unions and firms agree on the terms of employment is called collective bargaining.
D)   Most workers in the U.S. economy are not members of a union.E) A) and D)
F) A) and B)

Question 15

Unions

Accepted Answer

A)   do not affect the natural rate of unemployment.
B)   lower the wages of unionized workers.
C)   raise the profits of unionized firms.
D)   lower the wages of workers in industries without unions.E) All of the above
F) C) and D)

Question 16

To be counted as "employed" in the U.S. labor force statistics, a person

Accepted Answer

A)   must be working for pay and be working full time.
B)   must be working for pay but does not have to be working full time.
C)   does not have to be working for pay if they are working for a family business but must be employed full time.
D)   does not have to be working for pay if they are working for a family business and does not have to be working full timeE) None of the above
F) A) and B)

Question 17

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

Accepted Answer

A) True 
 B)False

Question 18

Public policy, without intending to do so, can increase frictional unemployment.

Accepted Answer

A) True 
 B)False

Question 19

Most job search in the U.S. economy takes place without intervention by the government.

Accepted Answer

A) True 
 B)False

Question 20

Sam has no job but keeps applying to get a job with a business that is unionized. He is qualified and he finds the pay attractive, but the firm is not hiring. Sam is

Accepted Answer

A)   structurally unemployed. Structural unemployment exists even in the long run.
B)   structurally unemployed. Structural unemployment does not exist in the long run.
C)   frictionally unemployed. Frictional unemployment exists even in the long run.
D)   frictionally unemployed. Frictional unemployment does not exist in the long run.E) B) and D)
F) A) and B)

Exam 28: Unemployment

Cyclical unemployment is closely associated with

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Sectoral shifts temporarily cause unemployment.

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

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Which of the following is not correct?

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Figure 28-4 -Refer to Figure 28-4. If the government imposes a minimum wage of $7, how many workers will be unemployed? A) 0

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To be counted as "employed" in the U.S. labor force statistics, a person

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Unions contribute to

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Sam has no job but keeps applying to get a job with a business that is unionized. He is qualified and he finds the pay attractive, but the firm is not hiring. Sam is

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The adult population in the town of Bedrock is 75 thousand. Within Bedrock, 5 thousand are unemployed, and 40 thousand are employed. Calculate the number of people not in the labor force.

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Public policy, without intending to do so, can increase frictional unemployment.

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Unions

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Most economists believe unions are bad for the economy as a whole.

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Unions contribute to

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Who of the following would necessarily be included in the Bureau of Labor Statistics' "unemployed" category?

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Why have labor-force participation rates for women in the United States increased since World War II while labor- force participation rates for men have decreased?

Correct AnswerverifiedCauses of the increase in the U.S. women...View AnswerShow Answer

Define efficiency wages.

Correct AnswerverifiedEfficiency wages are...View AnswerShow Answer

The unemployment rate equals the percentage of the adult population that is unemployed.

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Christopher is an unpaid, stay-at-home father who works as a volunteer at the local Habitat for Humanity chapter. Currently, Christopher is not looking for a paid job. The Bureau of Labor Statistics counts Christopher as

Correct AnswerverifiedShow Answer

Most job search in the U.S. economy takes place without intervention by the government.

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The Bureau of Labor Statistics reported in 2005 that there were 53.23 million people over age 25 who had at least a bachelor's degree, 40.59 million of whom were employed and 0.98 million of whom were unemployed. What were the labor-force participation rate and the unemployment rate for this group?

Correct AnswerverifiedShow Answer

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Causes of the increase in the U.S. women...
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Efficiency wages are...
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