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

According to the principle of diminishing returns to labor, if the amount of capital and other inputs are held constant, employing additional workers:

The extra unemployment that occurs during periods of recessions is called ________ unemployment.

Which of the following is an example of frictional unemployment?

In the market for labor, the price of labor is the:

An increase in the price of the output produced by labor will:

Technological change that affects the marginal products of high-skilled and low-skilled workers differently is called ________ technological change.

Structural unemployment is:

From an economic perspective, the best response to increased wage inequality is to:

Cyclical unemployment is:

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 $34,000? 

Based on the labor market diagram below, if the minimum wage is set at $10 per hour, there will be ________ unemployed workers.

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 $30,000?

Which of the following is an example of cyclical unemployment?

Two explanations for increasing wage inequality are ________ and ________.

Health and safety regulations in the labor market:

The movement of workers between jobs, firms, and industries is called:

The marginal product of labor is the additional:

In the twentieth century, average real wages have risen substantially:

If the price of TVs produced by XYZ-TV Company falls from $1,000 to $750 per TV set, then the:

Structural unemployment occurs because