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

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 $30?

A "two-tier" labor market in the United States refers to plenty of jobs for ________ workers and few jobs for ________ workers.

Long-term increases in productivity that have increased the demand for labor, and raised real wages, have resulted primarily from ________ and ________.

All of the following describe trends in U.S. labor markets except:

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

Worker mobility and transition aid to workers are two ways to offset some of the impacts of:

Slower growth in labor demand in combination with increases in labor supply explains ________ accompanied by ________.

Government regulations that increase the cost to the employer of hiring workers will:

In the United States between 1980 and 2000, employment:

If the price of TVs produced by XYZ-TV Company increases from $1,000 to $1,250 per TV set, then the:

The slowdown in the growth of real wages in the United States since 1973 is consistent with a concurrent:

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

In recent decades, slower growth in the demand for labor accompanied by an accelerated growth in the supply of labor in the U.S. explains:

Initially, workers in the shoe industry and the computer industry earn the same wage. Reductions in trade barriers give domestic consumers access to cheaper shoes produced abroad, so domestic shoe prices fall. At the same time, foreign consumers purchase more computers, raising the relative price of computers. As a result of these changes, wages in the shoe industry ________ and wages in the computer industry ________.

The real purchasing power of the average worker's yearly earnings in the United States in 2016 was ________ as in 1960.

Real wages increased in industrialized countries in the twentieth century because the demand for labor:

When unemployment insurance benefits exceed the wages a worker could earn when employed, the worker will have an incentive to:

Based on the labor market diagram below, if the minimum wage is increased from $10 to $12 per hour, the numbered of unemployed workers will increase by ________ workers.

An increase in unemployment insurance benefits will:

Long-term chronic unemployment that results even when the economy is producing at a normal rate is called ________ unemployment.