Exam 9: Employment and Unemployment

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 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.How would the Bureau of Labor Statistics classify Luna?

The following figure shows the labor demand curve, LD₁, and labor supply curve, LS₁, in a market. -Refer to the figure above.If the government fixes the minimum wage rate at $25,the unemployment in the market will be ________.

The value of the marginal product of the tenth worker hired by a firm is $50.What is the maximum wage that should be paid to the worker?

Which categories of people are excluded when estimating the number of potential workers in the United States?

If the opportunity cost of working outside the home increases,then ________ the labor supply curve,assuming all else equal.

Which of the following statements is true?

The following figure shows wage versus labor demand. -Refer to the figure above.If a new technology is developed that increases the marginal productivity of all workers,what will happen to the wage rate and quantity of labor?

The figure below shows labor supply and labor demand curves. -Refer to the figure above.Assume that instead of shifting to the left,the new demand for labor is shifted to the right of the initial demand for labor.A minimum wage is in effect at w₁.What is likely going to happen due to the shift in the demand for labor?

Which of the following statements is true?

Which of the following people would be classified as being voluntarily unemployed?

The following table compares labor statistics for two countries. -Refer to the table above.Country B is a popular place for people to retire.Consequently,there has about twice as many retirees as there are in Country A.Without these immigrant retirees,________.

Scenario: The unemployment rate in Country Y is 6 percent, and the labor force is equals about 200 million people. -Refer to the scenario above.How would the unemployment rate change if Country Y experienced a large increase in immigration of skilled workers?

Which of the following statements is true of frictionless labor markets?

What will happen to the demand curve for tea workers if the price of tea increases,assuming all else equal?

Which of the following statements is true of the unemployment rate in a country?

The figure below shows labor supply and labor demand curves. -Refer to the figure above.What is the appropriate label for curve B?

Minimum wages ________.

Scenario: The unemployment rate in Country Y is 6 percent, and the labor force is equals about 200 million people. -Refer to the scenario above.Who is considered part of the 6 percent of unemployed workers in Country Y?

A worker is said to be unemployed if he ________.