Question 1

Today, the four industries with the largest employment in the United States are autos, aircraft, communications, and electrical components.

Accepted Answer

A) True 
 B)False

Question 2

Suppose that some country had an adult population of about 46 million, a labor-force participation rate of 75 percent, and an unemployment rate of 8 percent. How many people were unemployed?

Accepted Answer

A)   2.54 million
B)   2.76 million
C)   3.68 million
D)   8 millionE) C) and D)
F) A) and C)

Question 3

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

Accepted Answer

A)   Miguel, who is on temporary layoff
B)   Reta, who worked only 15 hours last week
C)   Marisa, who neither has a job nor is looking for one
D)   None of the above is correct.E) A) and B)
F) None of the above

Question 4

Sectoral shifts contribute to frictional unemployment.

Accepted Answer

A) True 
 B)False

Question 5

Tatiana is waiting to be recalled to a job from which she was laid off. Ivan was fired but has not looked for work during the last two months. Who does the Bureau of Labor Statistics count as "unemployed"?

Accepted Answer

A)   Tatiana but not Ivan
B)   Ivan but not Tatiana
C)   both Ivan and Tatiana
D)   neither Ivan nor TatianaE) B) and C)
F) A) and D)

Question 6

Which of the following is an example of an efficiency wage?

Accepted Answer

A)   a high wage paid to compensate for dangerous work such as coal mining
B)   an above-equilibrium wage offered by a firm to attract a more talented pool of job applicants
C)   a wage below the minimum wage but supplemented by customer tips
D)   a high wage paid to a college graduate for a high-skill job such as electrical engineeringE) All of the above
F) A) and D)

Question 7

Some of a firm's workers are made worse off by the introduction of a union.

Accepted Answer

A) True 
 B)False

Question 8

Just after World War II, the labor-force participation rate of women was

Accepted Answer

A)   about 25 percent, and in 2012, it was about 50 percent.
B)   about 33 percent, and in 2012, it was about 60 percent.
C)   about 50 percent, and in 2012, it was about 70 percent.
D)   about 60 percent, and in 2012, it was about 80 percent.E) All of the above
F) A) and B)

Question 9

Which of the following is not correct?

Accepted Answer

A)   Frictional unemployment results from the process of matching workers and jobs.
B)   Structural unemployment results when the number of jobs is insufficient for the number of workers.
C)   Minimum wages are the predominant reason for unemployment in the U.S. economy.
D)   When a minimum-wage law forces the wage to remain above the level that balances supply and demand, it raises the quantity of labor supplied and reduces the quantity of labor demanded compared to the equilibrium level.E) A) and B)
F) A) and C)

Question 10

Workers in unions reap the benefit of collective bargaining, while workers not in unions bear some of the cost.

Accepted Answer

A) True 
 B)False

Question 11

Figure 28-7 
-Refer to Figure 28-7. If the minimum wage is set at $100, how many will be unemployed?

Accepted Answer

The answer of Figure 28-7 
-Refer to Figure 28-7. If...

Question 12

Efficiency-wage theory suggests that paying

Accepted Answer

A)   low wages might be profitable because they raise the efficiency of a firm's workers.
B)   low wages might be profitable because they lower the efficiency of a firm's workers.
C)   high wages might be profitable because they raise the efficiency of a firm's workers.
D)   high wages might be profitable because they lower the efficiency of a firm's workers.E) A) and C)
F) C) and D)

Question 13

Table 28-3
2009 Labor Data for Baltivia
 
-Refer to Table 28-3. What was Baltivia's labor­force participation rate in 2009?

Accepted Answer

A)   55%
B)   63%
C)   66.9%
D)   87.3%E) A) and C)
F) B) and D)

Question 14

Job search is the process of matching workers with appropriate jobs.

Accepted Answer

A) True 
 B)False

Question 15

Table 28-3
2009 Labor Data for Baltivia
 
-Refer to Table 28-3. How many people were employed in Baltivia in 2009?

Accepted Answer

A)   9,600
B)   10,600
C)   11,000
D)   11,200E) A) and B)
F) All of the above

Question 16

Table 28-10
The table below lists the number of people by labor force classification for the country of Springfield.
 
-Refer to Table 28-10. Calculate the number in the adult population, and the labor force participation rate.

Accepted Answer

The adult population...

Question 17

The destruction of manufacturing jobs and workers leaving their jobs to find better ones both contribute to frictional unemployment.

Accepted Answer

A) True 
 B)False

Question 18

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) C) and D)
F) A) and B)

Question 19

Table 28-7
Below is data about the labor market in the city of Productionville.
 
-Refer to Table 28-7. If the local government imposed a minimum wage of $7 in Productionville, how many people would be unemployed?

Accepted Answer

A)   0
B)   2,000
C)   5,000
D)   10,000E) None of the above
F) All of the above

Question 20

Figure 28-3 
-Refer to Figure 28-3. At the equilibrium wage, how many workers are employed?

Accepted Answer

A)   0
B)   1,000
C)   5,000
D)   9,000E) A) and B)
F) None of the above

Exam 10: Unemployment and Its Natural Rate

Suppose that some country had an adult population of about 46 million, a labor-force participation rate of 75 percent, and an unemployment rate of 8 percent. How many people were unemployed?

Correct AnswerverifiedShow Answer

Which of the following is not correct?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The destruction of manufacturing jobs and workers leaving their jobs to find better ones both contribute to frictional unemployment.

Correct AnswerverifiedShow Answer

Which of the following is an example of an efficiency wage?

Correct AnswerverifiedShow Answer

Cyclical unemployment is closely associated with

Correct AnswerverifiedShow Answer

Some of a firm's workers are made worse off by the introduction of a union.

Correct AnswerverifiedShow Answer

Tatiana is waiting to be recalled to a job from which she was laid off. Ivan was fired but has not looked for work during the last two months. Who does the Bureau of Labor Statistics count as "unemployed"?

Correct AnswerverifiedShow Answer

Just after World War II, the labor-force participation rate of women was

Correct AnswerverifiedShow Answer

Today, the four industries with the largest employment in the United States are autos, aircraft, communications, and electrical components.

Correct AnswerverifiedShow Answer

Sectoral shifts contribute to frictional unemployment.

Correct AnswerverifiedShow Answer

Table 28-3 2009 Labor Data for Baltivia -Refer to Table 28-3. How many people were employed in Baltivia in 2009?

Correct AnswerverifiedShow Answer

Efficiency-wage theory suggests that paying

Correct AnswerverifiedShow Answer

Figure 28-7 -Refer to Figure 28-7. If the minimum wage is set at $100, how many will be unemployed?

Correct AnswerverifiedShow Answer

Workers in unions reap the benefit of collective bargaining, while workers not in unions bear some of the cost.

Correct AnswerverifiedShow Answer

Table 28-10 The table below lists the number of people by labor force classification for the country of Springfield. -Refer to Table 28-10. Calculate the number in the adult population, and the labor force participation rate.

Correct AnswerverifiedThe adult population...View AnswerShow Answer

Figure 28-3 -Refer to Figure 28-3. At the equilibrium wage, how many workers are employed?

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Table 28-3 2009 Labor Data for Baltivia -Refer to Table 28-3. What was Baltivia's labor­force participation rate in 2009?

Correct AnswerverifiedShow Answer

Job search is the process of matching workers with appropriate jobs.

Correct AnswerverifiedShow Answer

Table 28-7 Below is data about the labor market in the city of Productionville. -Refer to Table 28-7. If the local government imposed a minimum wage of $7 in Productionville, how many people would be unemployed?

Correct AnswerverifiedShow Answer

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The adult population...
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Table 28-3 2009 Labor Data for Baltivia -Refer to Table 28-3. What was Baltivia's laborforce participation rate in 2009?

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