Exam 12: Unemployment

Centerville has 200 unemployed people. Of these 200 people, 35 are unemployed for two weeks before finding a new job, 55 are unemployed for four weeks before finding a new job, 30 are unemployed for six weeks before finding a new job, 15 are unemployed for 10 weeks before finding a new job, and 65 are unemployed for 15 weeks before finding a new job. Approximately what is the average spell of unemployment in Centerville?

Which of the following statements about unemployment that is indicative of sectoral shifts hypothesis is not correct?

Which of the following is the main argument for why efficiency wages can help encourage workers to provide full effort on a job?

How are unemployment rates in the United States related to education?

What does it mean to conduct a sequential search?

Which of the following would not increase the asking wage?

Consider an economy with a labor force of 100 million people. Each period, 60% of the unemployed population finds a job while 15% of the employed population loses their job. What is the steady-state unemployment rate in the economy?

If the steady-state unemployment rate for an economy is 5% and each period 2% of employed workers lose their jobs, what percent of unemployed workers find employment each period?

What is the general relationship between race and unemployment rates in the United States?

Which is not a property of an optimal efficiency wage?

Which one of the following statements regarding the intertemporal substitution hypothesis is false?

An important development during the Great Recession (roughly 2008-2012) was that

Consider an economy with a labor force of 200 million people of which 180 million are employed while 20 million are unemployed. Each period, 45% of the unemployed population finds a job. If the economy is in a steady-state of unemployment, what percent of the employed population lose their job each period?

The Phillips Curve relates

The United States funds its unemployment compensation system by taxing

According to the neoclassical model, what would not result from the government levying a tax on firms for each worker the firm lays off?

What is the best description of unemployment insurance benefits in the United States?

The sectoral shifts hypothesis claims that

Firms are most likely to set an efficiency wage above the competitive wage if

Which age group experiences the highest rates of unemployment in the United States?