Question 1

Table 28-4
2010 Labor Data for Adults (ages 16 and older) in Meditor  
-Refer to Table 28-4. What is the adult male labor force in Meditor?

Accepted Answer

A) 50 million 
B) 85 million 
C) 90 million 
D) 130 million 
A) 50 million 
B) 85 million 
C) 90 million 
D) 130 million

Question 2

Figure 28-3  
-Refer to Figure 28-3. If the government imposes a minimum wage of $8, then how many workers will be unemployed?

Accepted Answer

A) 0 
B) 3,000 
C) 4,000 
D) 7,000 
A) 0 
B) 3,000 
C) 4,000 
D) 7,000

Question 3

In June 2009 the Bureau of Labor Statistics reported an adult population of 234.9 million, a labor force of 154 million and employment of 141.6 million. Based on these numbers the unemployment rate was

Accepted Answer

A) 93.3/234.9. 
B) 12.4/234.9. 
C) 93.3/154. 
D) 12.4/154. 
A) 93.3/234.9. 
B) 12.4/234.9. 
C) 93.3/154. 
D) 12.4/154.

Question 4

Table 28-11
2015 Labor Data for Tajnia  
-Refer to Table 28-11. The total adult population of Tajnia in 2015 is 30,000.

Accepted Answer

A) True 
 B)False

Question 5

Minimum wage laws, labor unions, and efficiency wages all generate unemployment by what common mechanism?

Accepted Answer

Wages bein

Question 6

Which of the following is correct?

Accepted Answer

A) In the U.S. the natural rate of unemployment is frequently near 2%. 
B) The natural rate of unemployment fluctuates more than the cyclical rate of unemployment. 
C) The cyclical rate of unemployment is sometimes below the natural rate of unemployment. 
D) None of the above is correct. 
A) In the U.S. the natural rate of unemployment is frequently near 2%. 
B) The natural rate of unemployment fluctuates more than the cyclical rate of unemployment. 
C) The cyclical rate of unemployment is sometimes below the natural rate of unemployment. 
D) None of the above is correct.

Question 7

Frictional unemployment

Accepted Answer

A) can be created both by workers quitting to find more suitable jobs and changes in a country's comparative advantages. 
B) can be created by workers quitting to find more suitable jobs but not by changes in a country's comparative advantages. 
C) can be created by changes in a country's comparative advantages, but not by workers quitting to find new jobs. 
D) is not created by workers quitting to find more suitable jobs nor by changes in a county's comparative advantages. 
A) can be created both by workers quitting to find more suitable jobs and changes in a country's comparative advantages. 
B) can be created by workers quitting to find more suitable jobs but not by changes in a country's comparative advantages. 
C) can be created by changes in a country's comparative advantages, but not by workers quitting to find new jobs. 
D) is not created by workers quitting to find more suitable jobs nor by changes in a county's comparative advantages.

Question 8

Which of the following is not correct?

Accepted Answer

A) When a union is present in a labor market, wages are not 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 a strike. 
D) Most workers in the U.S. economy are not members of a union. 
A) When a union is present in a labor market, wages are not 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 a strike. 
D) Most workers in the U.S. economy are not members of a union.

Question 9

In one year, you meet 52 people who are each unemployed for one week and eight people who are each unemployed for the whole year. What percentage of the unemployment spells you encountered was short term, and what percentage of the unemployment you encountered in a given week was long term?

Accepted Answer

A) 52% was short term; 13.3% was long term 
B) 52% was short term; 88.9% was long term 
C) 86.7% was short term; 13.3% was long term 
D) 86.7% was short term; 88.9% was long term 
A) 52% was short term; 13.3% was long term 
B) 52% was short term; 88.9% was long term 
C) 86.7% was short term; 13.3% was long term 
D) 86.7% was short term; 88.9% was long term

Question 10

Unemployment insurance

Accepted Answer

A) reduces the hardship of unemployment, but it also increases the amount of unemployment. 
B) reduces the incentive for the unemployed to find and take new jobs. 
C) causes workers to be less likely to seek guarantees of job security when they negotiate with employers over the terms of employment. 
D) All of the above are correct. 
A) reduces the hardship of unemployment, but it also increases the amount of unemployment. 
B) reduces the incentive for the unemployed to find and take new jobs. 
C) causes workers to be less likely to seek guarantees of job security when they negotiate with employers over the terms of employment. 
D) All of the above are correct.

Question 11

Figure 28-4
​  
-Refer to Figure 28-4. If the government imposes a minimum wage of $16, how many workers will be unemployed?

Accepted Answer

A) 0 
B) 4,000 
C) 8,000 
D) 12,000 
A) 0 
B) 4,000 
C) 8,000 
D) 12,000

Question 12

Figure 28-4
​  
-Refer to Figure 28-4. If 4,000 workers are unemployed, then the minimum wage must be

Accepted Answer

A) $6 
B) $8. 
C) $12. 
D) $14. 
A) $6 
B) $8. 
C) $12. 
D) $14.

Question 13

Which of the following causes of unemployment is associated with a wage rate above the market equilibrium level?

Accepted Answer

A) minimum-wage laws 
B) unions 
C) efficiency wages 
D) All of the above are correct. 
A) minimum-wage laws 
B) unions 
C) efficiency wages 
D) All of the above are correct.

Question 14

An increase in the minimum wage

Accepted Answer

A) reduces structural unemployment. 
B) reduces frictional unemployment, 
C) increases structural unemployment. 
D) increases frictional unemployment. 
A) reduces structural unemployment. 
B) reduces frictional unemployment, 
C) increases structural unemployment. 
D) increases frictional unemployment.

Question 15

The Bureau of Labor Statistics computes labor-force participation rates for the entire adult population and for groups based on age, gender, and race.

Accepted Answer

A) True 
 B)False

Question 16

Between 2002 and 2014, employment​

Accepted Answer

A) ​declined in construction and manufacturing. 
B) ​declined in construction and increased in manufacturing. 
C) ​delclined in manufacturing and increased in construction. 
D) ​increased in construction and manufacturing. 
A) ​declined in construction and manufacturing. 
B) ​declined in construction and increased in manufacturing. 
C) ​delclined in manufacturing and increased in construction. 
D) ​increased in construction and manufacturing.

Question 17

Which of the following is a cause of the changing role of women in American society over the past several decades?

Accepted Answer

A) new technologies that have reduced the amount of time required to complete routine household tasks 
B) improved birth control 
C) changing political and social attitudes 
D) All of the above are correct. 
A) new technologies that have reduced the amount of time required to complete routine household tasks 
B) improved birth control 
C) changing political and social attitudes 
D) All of the above are correct.

Question 18

Every month when the Bureau of Labor Statistics (BLS) announces the unemployment rate, it also announces the number of jobs the economy has gained or lost. Where does the BLS get the data about jobs?

Accepted Answer

A) from the survey of 60,000 households, which is called the Current Population Survey 
B) from the Establishment Survey that measures both frictional and structural unemployment 
C) from the survey of 160,000 business that have over 40 million workers on their payrolls 
D) from the Congressional Budget Office, which also calculates the GDP of the United States 
A) from the survey of 60,000 households, which is called the Current Population Survey 
B) from the Establishment Survey that measures both frictional and structural unemployment 
C) from the survey of 160,000 business that have over 40 million workers on their payrolls 
D) from the Congressional Budget Office, which also calculates the GDP of the United States

Question 19

Data on the unemployment rate in the U.S. since 1960 show that the economy always has some unemployment and that the amount changes from year to year.

Accepted Answer

A) True 
 B)False

Question 20

Scenario 28-1
Suppose that the Bureau of Labor Statistics reports that the entire adult population of Mankiwland can be categorized as follows: 25 million people employed, 3 million people unemployed, 1 million discouraged workers, and 1 million people who are either students, homemakers, retirees, or other people not seeking employment.
-Refer to Scenario 28-1. What is the unemployment rate?

Accepted Answer

A) 3.3% 
B) 6.7% 
C) 10.7% 
D) 12% 
A) 3.3% 
B) 6.7% 
C) 10.7% 
D) 12%

Exam 28: Unemployment and Its Natural Rate

Table 28-4 2010 Labor Data for Adults (ages 16 and older) in Meditor -Refer to Table 28-4. What is the adult male labor force in Meditor?

Figure 28-3 -Refer to Figure 28-3. If the government imposes a minimum wage of $8, then how many workers will be unemployed?

In June 2009 the Bureau of Labor Statistics reported an adult population of 234.9 million, a labor force of 154 million and employment of 141.6 million. Based on these numbers the unemployment rate was

Table 28-11 2015 Labor Data for Tajnia -Refer to Table 28-11. The total adult population of Tajnia in 2015 is 30,000.

Minimum wage laws, labor unions, and efficiency wages all generate unemployment by what common mechanism?

Which of the following is correct?

Frictional unemployment

Which of the following is not correct?

In one year, you meet 52 people who are each unemployed for one week and eight people who are each unemployed for the whole year. What percentage of the unemployment spells you encountered was short term, and what percentage of the unemployment you encountered in a given week was long term?

Unemployment insurance

Figure 28-4 ​ -Refer to Figure 28-4. If the government imposes a minimum wage of $16, how many workers will be unemployed?

Figure 28-4 ​ -Refer to Figure 28-4. If 4,000 workers are unemployed, then the minimum wage must be

Which of the following causes of unemployment is associated with a wage rate above the market equilibrium level?

An increase in the minimum wage

The Bureau of Labor Statistics computes labor-force participation rates for the entire adult population and for groups based on age, gender, and race.

Between 2002 and 2014, employment​

Which of the following is a cause of the changing role of women in American society over the past several decades?

Every month when the Bureau of Labor Statistics (BLS) announces the unemployment rate, it also announces the number of jobs the economy has gained or lost. Where does the BLS get the data about jobs?

Data on the unemployment rate in the U.S. since 1960 show that the economy always has some unemployment and that the amount changes from year to year.

Ten Principles of Economics

Thinking Like an Economist

Interdependence and the Gains From Trade

The Market Forces of Supply and Demand

Elasticity and Its Application

Supply, Demand, and Government Policies

Consumers, Producers, and the Efficiency of Markets

Applications: the Costs of Taxation

Application: International Trade

Externalities

Public Goods and Common Resources

The Design of the Tax System

The Costs of Production

Firms in Competitive Markets

Monopoly

Monopolistic Competition

Oligopoly

The Markets for the Factors of Production

Earnings and Discrimination

Income Inequality and Poverty

The Theory of Consumer Choice

Frontiers in Microeconomics

Measuring a Nation S Income

Measuring the Cost of Living

Production and Growth

Saving, Investment, and the Financial System

Tools of Finance

The Monetary System

Money Growth and Inflation

Open-Economy Macroeconomics: Basic Concepts

A Macroeconomic Theory of the Open Economy

Aggregate Demand and Aggregate Supply

The Influence of Monetary and Fiscal Policy on Aggregate Demand

The Short-Run Tradeoff Between Inflation and Unemployment

Six Debates Over Macroeconomic Policy

Filters

Figure 28-4 -Refer to Figure 28-4. If the government imposes a minimum wage of $16, how many workers will be unemployed?

Figure 28-4 -Refer to Figure 28-4. If 4,000 workers are unemployed, then the minimum wage must be

Between 2002 and 2014, employment