Exam 28: Unemployment and Its Natural Rate

Between 2002 and 2014 the number of workers employed in construction fell while the number of workers employed in food services rose.

The adult non-institutionalized population in the town of Bedrock is 75 thousand. Within Bedrock, 5 thousand are unemployed, and 40 thousand are employed. Calculate the number of people not in the labor force.

Causes of the decline in the U.S. men's labor-force participation rate over the past several decades include young men now staying in school longer than their fathers and grandfathers did, older men now retiring earlier and living longer, and more fathers now staying at home to raise their children.

When a minimum-wage law forces the wage to remain above the equilibrium level, the result is

Why have labor-force participation rates for women in the United States increased since World War II while labor-force participation rates for men have decreased?

The labor force minus the number of employed equals the number of unemployed.

The Internet may reduce frictional unemployment because it __________.

Over the past several decades in the United States, the labor-force participation rate of women has increased and the labor-force participation rate of men had remained steady.

Minimum-wage laws matter most for the least skilled and least experienced members of the labor force, such as teenagers.

The Bureau of Labor Statistics divides the adult population into two categories: those who are employed and those who are unemployed.

Adults who were waiting to be recalled to a job from which they had been laid off are included in the Bureau of Labor Statistics' "employed" category.

The Bureau of Labor Statistics' household survey and establishment survey both yield the same results about total employment.

Unemployment insurance is designed to offer workers full protection against job loss.

Right-to-work laws give workers in a unionized firm the right to choose whether to join the union.

Marginally attached workers are people who are

More than one-third of the unemployed are recent entrants into the labor force.

A union is a type of cartel.

Economists have found that union workers earn about 30 to 40 percent more than similar workers who do not belong to unions.

In the town of Gotham the adult population is 560 thousand, the number unemployed is 25 thousand, and 185 thousand are not in the labor force. Calculate the unemployment rate.

Table 28-3 ​ ​ Civilian labor force 100 million Persons unemployed 15 weeks or longer 1.6 million Job losers and persons who have completed temporary jobs (excludes job leavers) 3.1 million Total unemployed 6.2 million Total unemployed plus discouraged workers 7.0 million Total unemployed plus all marginally attached workers 8.1 million Total unemployed plus all marginally attached workers plus total employed part-time 9.2 million for economic reasons -Refer to Table 28-3. What is the U-5 measure of labor underutilization?