Question 1

Discuss the labor-force participation trends for men and women since 1950.

Accepted Answer

The labor-force participation rates for

Question 2

The Bureau of Labor Statistics' U-2 measure of joblessness includes job losers and job leavers.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following includes everyone in the adult population that the Bureau of Labor Statistics counts as "unemployed"?

Accepted Answer

A) Anyone who is not currently employed 
B) Anyone who chose not to for work for the past two weeks 
C) Anyone who is not employed, is available for work, has looked for work in the past four weeks, and anyone who is waiting to be recalled from a job from which they have been laid off 
D) Anyone who is employed part time and has searched for full time employment in the past four weeks 
A) Anyone who is not currently employed 
B) Anyone who chose not to for work for the past two weeks 
C) Anyone who is not employed, is available for work, has looked for work in the past four weeks, and anyone who is waiting to be recalled from a job from which they have been laid off 
D) Anyone who is employed part time and has searched for full time employment in the past four weeks

Question 4

Unemployment insurance __________ the amount of unemployment.

Accepted Answer

The answer of Unemployment insurance __________ the amount of unemployment....

Question 5

The amount of unemployment varies little over time and across countries.

Accepted Answer

A) True 
 B)False

Question 6

Ignoring the differences across states, explain the benefit provided to the typical worker in the United States from unemployment insurance.

Accepted Answer

Worker receives 50%

Question 7

Changes in the products for which a nation has a comparative advantage create sectoral shocks leading to an increase in frictional unemployment.

Accepted Answer

A) True 
 B)False

Question 8

The efficiency-wage theory of worker health is more relevant for less developed countries than rich countries.

Accepted Answer

A) True 
 B)False

Question 9

What is the theory of efficiency wages? Provide four reasons that employers might pay efficiency wages.

Accepted Answer

According to the theory of efficiency wa

Question 10

Both full-time and part-time workers are included in the Bureau of Labor Statistics' "employed" category.

Accepted Answer

A) True 
 B)False

Question 11

Figure 28-3
​
  
-Refer to Figure 28-3. If the minimum wage is set at $100, how many will be unemployed?

Accepted Answer

The answer of Figure 28-3
​
  
-Refer to Figure 28-3....

Question 12

Table 28-4
The following data is about the labor market in the city of Productionville.
​
​
 $$\begin{array} { | c | c | c | } 
\hline \begin{array} { c } 
\text { Wage } \
\text { (Dollars per hour) }
\end{array} & \begin{array} { c } 
\text { Quantity Demanded } \
\text { (Units) }
\end{array} & \begin{array} { c } 
\text { Quantity Supplied } \
\text { (Units) }
\end{array} \
\hline 8 & 6,000 & 16,000 \
\hline 7 & 9,000 & 14,000 \
\hline 6 & 12,000 & 12,000 \
\hline 5 & 15,000 & 10,000 \
\hline 4 & 18,000 & 8,000 \
\hline
\end{array}$$ ​
-Refer to Table 28-4. If the local government imposed a minimum wage of $4 in Productionville, how many people would be unemployed?

Accepted Answer

A) 0 
B) 2,000 
C) 3,000 
D) 10,000 
A) 0 
B) 2,000 
C) 3,000 
D) 10,000

Question 13

Table 28-4
The following data is about the labor market in the city of Productionville.
​
​
 $$\begin{array} { | c | c | c | } 
\hline \begin{array} { c } 
\text { Wage } \
\text { (Dollars per hour) }
\end{array} & \begin{array} { c } 
\text { Quantity Demanded } \
\text { (Units) }
\end{array} & \begin{array} { c } 
\text { Quantity Supplied } \
\text { (Units) }
\end{array} \
\hline 8 & 6,000 & 16,000 \
\hline 7 & 9,000 & 14,000 \
\hline 6 & 12,000 & 12,000 \
\hline 5 & 15,000 & 10,000 \
\hline 4 & 18,000 & 8,000 \
\hline
\end{array}$$ ​
-Refer to Table 28-4. 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) 10,000 
A) 0 
B) 2,000 
C) 5,000 
D) 10,000

Question 14

The Bureau of Labor Statistics divides the adult population into four categories: employed, underemployed, unemployed, and not in the labor force.

Accepted Answer

A) True 
 B)False

Question 15

Unions are exempt from U.S. antitrust laws.

Accepted Answer

A) True 
 B)False

Question 16

Adults who are waiting to be recalled to a job from which they had been laid off are counted as "unemployed."

Accepted Answer

A) True 
 B)False

Question 17

The introduction of a union into a firm benefits all of that firm's workers.

Accepted Answer

A) True 
 B)False

Question 18

Most spells of unemployment are short. About half of unemployment spells end with an exit from the labor force.

Accepted Answer

A) True 
 B)False

Question 19

Structural unemployment is often thought to explain relatively short spells of unemployment.

Accepted Answer

A) True 
 B)False

Question 20

A typical American worker covered by unemployment insurance receives 50 percent of his former wages for 52 weeks.

Accepted Answer

A) True 
 B)False

Exam 28: Unemployment and Its Natural Rate

Discuss the labor-force participation trends for men and women since 1950.

The Bureau of Labor Statistics' U-2 measure of joblessness includes job losers and job leavers.

Which of the following includes everyone in the adult population that the Bureau of Labor Statistics counts as "unemployed"?

Unemployment insurance __________ the amount of unemployment.

The amount of unemployment varies little over time and across countries.

Ignoring the differences across states, explain the benefit provided to the typical worker in the United States from unemployment insurance.

Changes in the products for which a nation has a comparative advantage create sectoral shocks leading to an increase in frictional unemployment.

The efficiency-wage theory of worker health is more relevant for less developed countries than rich countries.

What is the theory of efficiency wages? Provide four reasons that employers might pay efficiency wages.

Both full-time and part-time workers are included in the Bureau of Labor Statistics' "employed" category.

Figure 28-3 ​ -Refer to Figure 28-3. If the minimum wage is set at $100, how many will be unemployed?

The Bureau of Labor Statistics divides the adult population into four categories: employed, underemployed, unemployed, and not in the labor force.

Unions are exempt from U.S. antitrust laws.

Adults who are waiting to be recalled to a job from which they had been laid off are counted as "unemployed."

The introduction of a union into a firm benefits all of that firm's workers.

Most spells of unemployment are short. About half of unemployment spells end with an exit from the labor force.

Structural unemployment is often thought to explain relatively short spells of unemployment.

A typical American worker covered by unemployment insurance receives 50 percent of his former wages for 52 weeks.

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 Nations 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 28-3 -Refer to Figure 28-3. If the minimum wage is set at $100, how many will be unemployed?