Question 1

Michael decides to hire some additional workers for his roofing company. The equilibrium wage is $17 per hour. Efficiency wage theory suggests that it is reasonable for Michael to offer

Accepted Answer

A)   $17 per hour.
B)   less than $17 per hour because some people would be willing to work for less.
C)   less than $17 an hour to prevent shirking.
D)   more than $17 per hour in order to attract a better pool of applicants.E) None of the above
F) C) and D)

Question 2

Sandy has graduated from college and is devoting her time to searching for a job. She has seen plenty of openings but has not yet been offered one that best suits her tastes and skills. Sandy is

Accepted Answer

A)   structurally unemployed. Structural unemployment exists even in the long run.
B)   structurally unemployed. There is no structural unemployment in the long run.
C)   frictionally unemployed. Frictional unemployment exists even in the long run.
D)   frictionally unemployed. There is no frictional unemployment in the long run.E) A) and B)
F) None of the above

Question 3

List the main employment characteristics over which a labor union negotiates for its workers.

Accepted Answer

higher wages, better...

Question 4

Table 28-5
Labor Force Statistics by Age
Suppose people in the adult population in a small country are classified based on their age.
 
-Refer to Table 28-5. In the proper order, which age group has the highest unemployment rate and which has the highest participation rate?

Accepted Answer

A)   under 55, under 55
B)   under 55, 55 and older
C)   55 and older, under 55
D)   55 and older, 55 and olderE) A) and B)
F) None of the above

Question 5

Figure 28-2 
-Refer to Figure 28-2. What do the two lines in the figure measure?

Accepted Answer

A)   The top line is the labor force participation rate, and the bottom line is the unemployment rate.
B)   The top line is the labor force participation rates of the college-educated population, and bottom line is the labor force participation rates of the high-school-educated population.
C)   The top line is the foreign labor force participation rate, and the bottom line is the domestic labor force participation rate.
D)   The top line is the labor force participation rates of men, and the bottom line is the labor force participation rates of women.E) B) and C)
F) C) and D)

Question 6

The Bureau of Labor Statistics produces data on unemployment based on the number of people collecting unemployment insurance.

Accepted Answer

A) True 
 B)False

Question 7

Discouraged workers are included in

Accepted Answer

A)   the number of unemployed.
B)   frictional unemployment.
C)   the labor force.
D)   None of the above is correct.E) A) and D)
F) All of the above

Question 8

John is a stockbroker. He has had several job offers, but he has turned them down because he thinks he can find a firm that better matches his tastes and skills. Curtis has looked for work as an accountant for some time. While the demand for accountants does not appear to be falling, there seems to be more people applying than jobs available.

Accepted Answer

A)   John and Curtis are both frictionally unemployed.
B)   John and Curtis are both structurally unemployed.
C)   John is frictionally unemployed, and Curtis is structurally unemployed.
D)   John is structurally unemployed, and Curtis is frictionally unemployed.E) A) and B)
F) None of the above

Question 9

Figure 28-3 
-Refer to Figure 28-3. If unemployment is 2,000 workers, then the minimum wage must be

Accepted Answer

A)   $4.
B)   $5.
C)   $7.
D)   $8.E) B) and C)
F) A) and C)

Question 10

The deviation of unemployment from its natural rate is called cyclical unemployment.

Accepted Answer

A) True 
 B)False

Question 11

Table 28-6
 
-Refer to Table 28-6. What is the U-3 measure of labor underutilization?

Accepted Answer

A)   4.7%
B)   6.2%
C)   7.0%
D)   10.9%E) C) and D)
F) B) and D)

Question 12

Some persons are counted as out of the labor force because they have made no serious or recent effort to look for work. However, some of these individuals may want to work even though they are too discouraged to make a serious effort to look for work. If these individuals were counted as unemployed instead of out of the labor force, then

Accepted Answer

A)   both the unemployment rate and labor-force participation rate would be higher.
B)   the unemployment rate would be higher ,and the labor-force participation rate would be lower.
C)   the unemployment rate would be lower, and the labor-force participation rate would be higher.
D)   both the unemployment rate and labor-force participation rate would be lower.E) None of the above
F) B) and D)

Question 13

The Internet my reduce frictional unemployment because it .

Accepted Answer

reduces the search c...

Question 14

The Bureau of Labor Statistics produces data on unemployment

Accepted Answer

A)   weekly.
B)   monthly.
C)   quarterly.
D)   yearly.E) A) and B)
F) A) and C)

Question 15

One reason economies always experience some unemployment is job search.

Accepted Answer

A) True 
 B)False

Question 16

The amount of unemployment that a country typically experiences is a determinant of its standard of living.

Accepted Answer

A) True 
 B)False

Question 17

Most spells of unemployment are short, and most unemployment observed at any given time is long term. How can this be?

Accepted Answer

Most unemployed people in the economy ar...

Question 18

Over the past several decades in the United States, the labor-force participation rate of women has

Accepted Answer

A)   increased, and the labor-force participation rate of men has increased.
B)   increased, and the labor-force participation rate of men has decreased.
C)   decreased, and the labor-force participation rate of men has increased.
D)   decreased, and the labor-force participation rate of men has decreased.E) A) and B)
F) B) and C)

Question 19

Government-run employment agencies and public training programs both seek to reduce frictional unemployment.

Accepted Answer

A) True 
 B)False

Question 20

Olga owns her own business. Sven is an unpaid worker in his family's business. Who is included in the Bureau of Labor Statistics' "employed" category?

Accepted Answer

A)   only Olga
B)   only Sven
C)   both Olga and Sven
D)   neither Olga nor SvenE) A) and C)
F) B) and C)

Exam 15: Unemployment

The Bureau of Labor Statistics produces data on unemployment

Correct Answer
verified

The amount of unemployment that a country typically experiences is a determinant of its standard of living.

Correct Answer
verified

Correct Answer
verified

Table 28-5 Labor Force Statistics by Age Suppose people in the adult population in a small country are classified based on their age. -Refer to Table 28-5. In the proper order, which age group has the highest unemployment rate and which has the highest participation rate?

Correct Answer
verified

The Bureau of Labor Statistics produces data on unemployment based on the number of people collecting unemployment insurance.

Correct Answer
verified

Michael decides to hire some additional workers for his roofing company. The equilibrium wage is $17 per hour. Efficiency wage theory suggests that it is reasonable for Michael to offer

Correct Answer
verified

One reason economies always experience some unemployment is job search.

Correct Answer
verified

Discouraged workers are included in

Correct Answer
verified

Most spells of unemployment are short, and most unemployment observed at any given time is long term. How can this be?

Correct Answer
verified
Most unemployed people in the economy ar...
View Answer

Figure 28-3 -Refer to Figure 28-3. If unemployment is 2,000 workers, then the minimum wage must be

Correct Answer
verified

List the main employment characteristics over which a labor union negotiates for its workers.

Correct Answer
verified
higher wages, better...
View Answer

Over the past several decades in the United States, the labor-force participation rate of women has

Correct Answer
verified

Table 28-6 -Refer to Table 28-6. What is the U-3 measure of labor underutilization?

Correct Answer
verified

The deviation of unemployment from its natural rate is called cyclical unemployment.

Correct Answer
verified

Sandy has graduated from college and is devoting her time to searching for a job. She has seen plenty of openings but has not yet been offered one that best suits her tastes and skills. Sandy is

Correct Answer
verified

Figure 28-2 -Refer to Figure 28-2. What do the two lines in the figure measure?

Correct Answer
verified

Government-run employment agencies and public training programs both seek to reduce frictional unemployment.

Correct Answer
verified

The Internet my reduce frictional unemployment because it .

Correct Answer
verified
reduces the search c...
View Answer

Olga owns her own business. Sven is an unpaid worker in his family's business. Who is included in the Bureau of Labor Statistics' "employed" category?

Correct Answer
verified

Correct Answer
verified

Exam 15: Unemployment

The Bureau of Labor Statistics produces data on unemployment

Correct AnswerverifiedShow Answer

The amount of unemployment that a country typically experiences is a determinant of its standard of living.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Table 28-5 Labor Force Statistics by Age Suppose people in the adult population in a small country are classified based on their age. -Refer to Table 28-5. In the proper order, which age group has the highest unemployment rate and which has the highest participation rate?

Correct AnswerverifiedShow Answer

The Bureau of Labor Statistics produces data on unemployment based on the number of people collecting unemployment insurance.

Correct AnswerverifiedShow Answer

Michael decides to hire some additional workers for his roofing company. The equilibrium wage is $17 per hour. Efficiency wage theory suggests that it is reasonable for Michael to offer

Correct AnswerverifiedShow Answer

One reason economies always experience some unemployment is job search.

Correct AnswerverifiedShow Answer

Discouraged workers are included in

Correct AnswerverifiedShow Answer

Most spells of unemployment are short, and most unemployment observed at any given time is long term. How can this be?

Correct AnswerverifiedMost unemployed people in the economy ar...View AnswerShow Answer

Figure 28-3 -Refer to Figure 28-3. If unemployment is 2,000 workers, then the minimum wage must be

Correct AnswerverifiedShow Answer

List the main employment characteristics over which a labor union negotiates for its workers.

Correct Answerverifiedhigher wages, better...View AnswerShow Answer

Over the past several decades in the United States, the labor-force participation rate of women has

Correct AnswerverifiedShow Answer

Table 28-6 -Refer to Table 28-6. What is the U-3 measure of labor underutilization?

Correct AnswerverifiedShow Answer

The deviation of unemployment from its natural rate is called cyclical unemployment.

Correct AnswerverifiedShow Answer

Sandy has graduated from college and is devoting her time to searching for a job. She has seen plenty of openings but has not yet been offered one that best suits her tastes and skills. Sandy is

Correct AnswerverifiedShow Answer

Figure 28-2 -Refer to Figure 28-2. What do the two lines in the figure measure?

Correct AnswerverifiedShow Answer

Government-run employment agencies and public training programs both seek to reduce frictional unemployment.

Correct AnswerverifiedShow Answer

The Internet my reduce frictional unemployment because it .

Correct Answerverifiedreduces the search c...View AnswerShow Answer

Olga owns her own business. Sven is an unpaid worker in his family's business. Who is included in the Bureau of Labor Statistics' "employed" category?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Most unemployed people in the economy ar...
View Answer

Correct Answer
verified

Correct Answer
verified
higher wages, better...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
reduces the search c...
View Answer

Correct Answer
verified

Correct Answer
verified