Exam 20: The Labor Market: Workers, Wages, and Unemployment

If the existence of alternative opportunities makes people become less willing to work in poultry processing plants, then the real wage of unskilled workers in poultry processing plants is predicted to ________ and the employment of unskilled workers in poultry processing plants is predicted to ________.

The following table provides information about production at the XYZ-TV Company.   How many workers will XYZ-TV Company hire if the going wage for TV production workers is $60,000?

Features of the labor market that are likely to cause structural unemployment include all of the following except:

The minimum payment you are willing to accept to do a job is your:

The demand for labor increases when the:

A Luddite is:

Holding other factors constant, if computers allow factory workers to manufacture more products per hour, then the real wages of factory workers will ________ and employment of factory workers will ________.

Unemployment insurance contributes to structural unemployment by:

Frictional unemployment is:

Frictional unemployment may be economically beneficial if:

Globalization can increase wage inequality in the United States if international competition is primarily in industries requiring ________ workers.

Holding other factors constant, if food prices decline relative to the prices of other products, then the real wages of agricultural workers will ________ and employment of agricultural workers will ________.

Labor unions contribute to structural unemployment by:

Heterogeneity and the dynamic nature of labor markets are the principal causes of ________ unemployment.

Government health and safety regulations or anti-discrimination laws can reduce real wages by:

High Tech, Inc. produces plastic chairs that sell for $10 each. The following table provides information about how many plastic chairs can be produced per hour.   For simplicity, assume that labor is the only input. How many workers will be hired if the hourly wage for workers is $70?

Holding other factors constant, an increase in the capital stock ________ the real wage and ________ employment.

High Tech, Inc. produces plastic chairs that sell for $10 each. The following table provides information about how many plastic chairs can be produced per hour.   For simplicity, assume that labor is the only input. How many workers will be hired if the hourly wage for workers is $120?

Based on the figure, if a union contract requires that the wage workers are paid be raised from $25 to $30 per hour, the number of unemployed workers will increase by ________ workers.  

Compared to the United States, over the last three decades unemployment in Western Europe is ________ and the rate of job creation is ________.