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Exam 29: Unemployment

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Question 31

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Table 29-2 2009 Labor Data for Baltivia $\begin{array} { | l | l | } \hline \text { Number of adults } & 20,000 \\\hline \text { Number of adults who are paid employees } & 8,000 \\\hline \text { Number of adults who work in their own businesses } & 1,600 \\\hline \text { Number of adults who are unpaid workers in a family member's business } & 1,000 \\\hline \text { Number of adults who were temporarily absent from their jobs because of an earthquake } & 400 \\\hline \text { Number of adults who were vaiting to be recalled to a job from which they had been laid off } & 200 \\\hline \begin{array} { l } \text { Number of adults who do not have a job, are available for work, and have tried to find a job } \\\text { within the past four weeks }\end{array} & 1,400 \\\hline \begin{array} { l } \text { Number of adults who do not have a job, are available for work, but have not tried to find a job } \\\text { within the past four weeks }\end{array} & 780 \\\hline \text { Number of adults who are fill-time students } & 3,000 \\\hline \text { Number of adults who are homemakers or retirees } & 3,620 \\\hline\end{array}$ -Refer to Table 29-2.How many people were unemployed in Baltivia in 2009?

A) 1,400
B) 1,600
C) 2,000
D) 2,780

E) All of the above
F) A) and B)

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Question 32

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Table 29-3 2010 Labor Data for Adults (age 16 and older) in Meditor $\begin{array} { | l | l | } \hline \text { Males not in labor force } & 45 \text { million } \\\hline \text { Females not in labor force } & 35 \text { million } \\\hline \text { Males unemployed } & 5 \text { million } \\\hline \text { Females unemployed } & 5 \text { million } \\\hline \text { Males employed } & 85 \text { million } \\\hline \text { Females employed } & 65 \text { million } \\\hline\end{array}$ -Refer to Table 29-3.What is the adult labor force in Meditor?

A) 90 million
B) 150 million
C) 160 million
D) 230 million

E) None of the above
F) A) and D)

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Question 33

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The normal rate of unemployment around which the unemployment rate fluctuates is called cyclical unemployment.

Suppose people in the adult population in a small country are classified based on their age. $\begin{array} { | l | c | c | } \hline { \text { Labor Force Status } } & \text { less then } 55 & 55 \text { and older } \\\hline \text { Number employed } & 400,000 & 100,000 \\\hline \text { Number unemployed } & 25,000 & 7,000 \\\hline \text { Number in Population } & 600,000 & 200,000 \\\hline\end{array}$ -Refer to Labor Force Statistics by Age.Suppose that the natural rate of unemployment is 5% for those under 55 and 3% for those 55 and older.The cyclical unemployment rate for those under 55 is

If people who report being unemployed are not,in fact,trying hard to find a job,then the reported unemployment rate will be baised upward.

If all workers and all jobs were the same such that all workers were equally well suited for all jobs,then there would be no frictional unemployment.

Why might a favorable change in the economy,such as technological improvement or a decrease in the price of imported oil,be associated with an increase in frictional unemployment?

Suppose people in the adult population in a small country are classified based on their age. $\begin{array} { | l | c | c | } \hline { \text { Labor Force Status } } & \text { less then } 55 & 55 \text { and older } \\\hline \text { Number employed } & 400,000 & 100,000 \\\hline \text { Number unemployed } & 25,000 & 7,000 \\\hline \text { Number in Population } & 600,000 & 200,000 \\\hline\end{array}$ -Refer to Labor Force Statistics by Age.In the proper order,which age group has the highest unemployment rate and which has the highest participation rate?

Minimum-wage laws and unions are similar to each other but different from efficiency wages in that minimum-wage law and unions

The adult population must equal the sum of the employed and the unemployed.

Figure 29-1 -Refer to Figure 29-1.If the government imposes a minimum wage of 4 pounds,then unemployment will increase by

Table 29-2 2009 Labor Data for Baltivia $\begin{array} { | l | l | } \hline \text { Number of adults } & 20,000 \\\hline \text { Number of adults who are paid employees } & 8,000 \\\hline \text { Number of adults who work in their own businesses } & 1,600 \\\hline \text { Number of adults who are unpaid workers in a family member's business } & 1,000 \\\hline \text { Number of adults who were temporarily absent from their jobs because of an earthquake } & 400 \\\hline \text { Number of adults who were vaiting to be recalled to a job from which they had been laid off } & 200 \\\hline \begin{array} { l } \text { Number of adults who do not have a job, are available for work, and have tried to find a job } \\\text { within the past four weeks }\end{array} & 1,400 \\\hline \begin{array} { l } \text { Number of adults who do not have a job, are available for work, but have not tried to find a job } \\\text { within the past four weeks }\end{array} & 780 \\\hline \text { Number of adults who are fill-time students } & 3,000 \\\hline \text { Number of adults who are homemakers or retirees } & 3,620 \\\hline\end{array}$ -Refer to Table 29-2.How many people were employed in Baltivia in 2009?

If outsiders had more say in union contracts then it is likely that union wages would be

Cyclical unemployment is caused by

Frictional unemployment is inevitable because

Consider two labor markets in which jobs are equally attractive in all respects other than the wage rate.All workers are equally able to do either job.Initially,both labor markets are perfectly competitive.If a union organizes workers in one of the markets,then the wage rates will tend to

A person who is not employed and claims to be trying hard to find a job but really is not trying hard to find a job

The labor-force participation rate is computed as

Most spells of unemployment are short,and most unemployment observed at any given time is long-term.

If the number of people unemployed rose but the number of people employed and the adult population stayed the same,then the labor force participation rate would rise.