Exam 9: Employment and Unemployment

Which of the following is likely to cause an upward movement along the labor supply curve,assuming all else equal?

Scenario: The labor market equilibrium for ski patrol positions at Bridge Bowls Resort is shown in the figure below. -Given the situation above,what will happen to the wage rate and quantity of labor supplied for the ski patrol?

Scenario: 100 people live in Country X, and 60 of these people are working full time. Tara and Jen have been able to find only part-time jobs. John, Peter, and Luna just had to close their coffee shop; and John and Peter are looking for a new business venture. Luna has inherited a large sum of money and feels that she does need to work anymore. Her sister Sara feels the same way. Four people in Country X are living in care facilities. Ten people are full-time students, and two of them currently are hoping to find a job. All other people are retirees or under the age of 16. -Refer to the scenario above.The unemployment rate in Country X indicates that ________.

The following figure shows curves for labor demand and labor supply. -Refer to the figure above.Why might we observe the wage rate to be at WH rather than at WM?

Consider two individuals: John and Jenna.John has an opportunity cost of time of $50 per hour,while Jenna has an opportunity cost of time of $25 per hour.Who has a greater incentive to look for work when unemployed?

Which of the following equations is true of a profit-maximizing firm?

The following figure shows wage versus labor supply. -Refer to the figure above.Assume that the labor market initially clears at point C.Why might the quantity of labor demanded shift to Q₂?

Which of the following is likely to shift the demand curve for coffee workers to the left,assuming all else equal?

Workers who are underemployed are ________.

The unemployment rate is defined as the percentage of the ________ that is unemployed.

The following table defines some population and employment statistics for two countries. -Refer to the table above.If two-thirds of the population in both countries are considered to be potential workers,how many people are unemployed?

Shifts in the demand curve of labor due to increased competition from Chinese imports are comparable to shifts in the demand curve due to ________.

Which of the following is likely to shift the demand curve for carpenters leftward,assuming all else equal?

In an economy,the number of potential workers is 60,000,the size of the labor force is 45,000,and the number of employed workers is 39,000.Calculate the unemployment rate and labor force participation rate in the country.

The labor demand curve represents the relationship between the quantity of labor demanded and the ________.

Any change that causes an increase in the demand for labor at a given wage rate will be represented by a(n)________ the labor demand curve,assuming all else equal.

The natural rate of unemployment ________.

Scenario: Truck drivers across the country are on strike in an effort to negotiate higher wages. Currently the labor market in this industry clears at WM and QM, as shown in the figure below. -Refer to the scenario above.New technologies allows trucks to drive without drivers.What is a likely consequence?

Which of the following statements is true?

Any change that increases the quantity of labor supplied at all wage rates will ________,assuming all else equal.