Question 1

The Bureau of Labor Statistics produces data on unemployment and other aspects of the labor market from a regular survey of households, called the

Accepted Answer

A) Census. 
B) Labor Survey. 
C) Survey of Economic Indicators. 
D) Current Population Survey. 
A) Census. 
B) Labor Survey. 
C) Survey of Economic Indicators. 
D) Current Population Survey.

Question 2

The labor force equals the

Accepted Answer

A) number of people employed. 
B) number of people employed plus the number of people unemployed. 
C) number of people employed plus the number of people unemployed plus teenagers between ages 14 and 16 who work at least 10 hours a week. 
D) adult population. 
A) number of people employed. 
B) number of people employed plus the number of people unemployed. 
C) number of people employed plus the number of people unemployed plus teenagers between ages 14 and 16 who work at least 10 hours a week. 
D) adult population.

Question 3

According to 2009 data on the U.S. population which of the following was correct?

Accepted Answer

A) Adults had higher labor-force participation rates and higher rates of unemployment compared to teenagers. 
B) Adults had higher labor-force participation rates and lower rates of unemployment compared to teenagers. 
C) Adults had lower labor-force participation rates and lower rates of unemployment compared to teenagers. 
D) Adults had lower labor-force participation rates and higher rates of unemployment compared to teenagers. 
A) Adults had higher labor-force participation rates and higher rates of unemployment compared to teenagers. 
B) Adults had higher labor-force participation rates and lower rates of unemployment compared to teenagers. 
C) Adults had lower labor-force participation rates and lower rates of unemployment compared to teenagers. 
D) Adults had lower labor-force participation rates and higher rates of unemployment compared to teenagers.

Question 4

There is a clear consensus among economists that unions are

Accepted Answer

A) good for the economy because they result in higher wages for most workers. 
B) good for the economy because they are a necessary antidote to the market power of employers. 
C) bad for the economy because they are cartels and therefore detrimental to an efficient allocation of resources. 
D) None of the above is correct; there is no clear consensus among economists about whether unions are good or bad for the economy. 
A) good for the economy because they result in higher wages for most workers. 
B) good for the economy because they are a necessary antidote to the market power of employers. 
C) bad for the economy because they are cartels and therefore detrimental to an efficient allocation of resources. 
D) None of the above is correct; there is no clear consensus among economists about whether unions are good or bad for the economy.

Question 5

In June 2009 the BLS reported an adult population of 234.9 million, a labor force of 154 million and employment of 141.6 million. Based on these numbers the unemployment rate was

Accepted Answer

A) 93.3/234.9. 
B) 12.4/234.9. 
C) 93.3/154. 
D) 12.4/154. 
A) 93.3/234.9. 
B) 12.4/234.9. 
C) 93.3/154. 
D) 12.4/154.

Question 6

Which of the following is correct?

Accepted Answer

A) Unemployment insurance raises structural unemployment because it reduces the job search efforts of the unemployed. 
B) Most economists are skeptical of the value of unemployment insurance primarily because they believe that it results in a poorer match between workers and jobs. 
C) Studies show that when the unemployed become ineligible for benefits, the probability of their finding a job rises markedly. 
D) All of the above are correct. 
A) Unemployment insurance raises structural unemployment because it reduces the job search efforts of the unemployed. 
B) Most economists are skeptical of the value of unemployment insurance primarily because they believe that it results in a poorer match between workers and jobs. 
C) Studies show that when the unemployed become ineligible for benefits, the probability of their finding a job rises markedly. 
D) All of the above are correct.

Question 7

Between the 1940s and today, union membership in the U.S.

Accepted Answer

A) rose from about one-eighth to one-third of the labor force. 
B) rose from about one-third to one-half of the labor force. 
C) fell from about one-half to one-third of the labor force. 
D) fell from about one-third to one-eighth of the labor force. 
A) rose from about one-eighth to one-third of the labor force. 
B) rose from about one-third to one-half of the labor force. 
C) fell from about one-half to one-third of the labor force. 
D) fell from about one-third to one-eighth of the labor force.

Question 8

The theory of efficiency wages provides a possible explanation as to why

Accepted Answer

A) workers form unions. 
B) firms should try to reduce surpluses of labor. 
C) firms may be inclined to keep their workers' wages above the equilibrium level. 
D) firms may be inclined to keep their workers' wages below the equilibrium level. 
A) workers form unions. 
B) firms should try to reduce surpluses of labor. 
C) firms may be inclined to keep their workers' wages above the equilibrium level. 
D) firms may be inclined to keep their workers' wages below the equilibrium level.

Question 9

Table 15-3
2010 Labor Data for Adults (age 16 and older) in Meditor
 $$\begin{array} { | l | l | } 
\hline \text { Males not in labar farce } & 45 \text { million } \
\hline \text { Femeles nat in labor force } & 35 \text { million } \
\hline \text { Males unemplayed } & 5 \text { millian } \
\hline \text { Fenales unemployed } & 5 \text { millian } \
\hline \text { Males employed } & 85 \text { million } \
\hline \text { Fenales enployed } & 65 \text { milling } \
\hline
\end{array}$$
-Refer to Table 15-3. What is the adult population in Meditor?

Accepted Answer

A) 90 million 
B) 160 million 
C) 230 million 
D) 240 million 
A) 90 million 
B) 160 million 
C) 230 million 
D) 240 million

Question 10

If there were no factors keeping wages from reaching equilibrium then there would be no

Accepted Answer

A) cyclical unemployment. 
B) frictional unemployment. 
C) structural unemployment. 
D) natural rate of unemployment. 
A) cyclical unemployment. 
B) frictional unemployment. 
C) structural unemployment. 
D) natural rate of unemployment.

Question 11

The Bureau of Labor Statistics reported in 2005 that there were 50.40 million people over age 25 whose highest level of education was some college or an associate degree, 33.86 million of whom were employed and 1.27 million of whom were unemployed. What were the labor-force participation rate and the unemployment rate for this group?

Accepted Answer

A) 69.7% and 2.5% 
B) 69.7% and 3.6% 
C) 67.2% and 2.5% 
D) 67.2% and 3.6% 
A) 69.7% and 2.5% 
B) 69.7% and 3.6% 
C) 67.2% and 2.5% 
D) 67.2% and 3.6%

The Bureau of Labor Statistics produces data on unemployment and other aspects of the labor market from a regular survey of households, called the

The labor force equals the

According to 2009 data on the U.S. population which of the following was correct?

There is a clear consensus among economists that unions are

In June 2009 the BLS reported an adult population of 234.9 million, a labor force of 154 million and employment of 141.6 million. Based on these numbers the unemployment rate was

Which of the following is correct?

Between the 1940s and today, union membership in the U.S.

The theory of efficiency wages provides a possible explanation as to why

If there were no factors keeping wages from reaching equilibrium then there would be no

Ten Principles of Economics

Thinking Like an Economist

Interdependence and the Gains From Trade

The Market Forces of Supply and Demand

Elasticity and Its Application

Supply, Demand, and Government Policies

Consumers, Producers, and the Efficiency of Markets

Application: The Costs of Taxation

Application: International Trade

Measuring a Nations Income

Measuring the Cost of Living

Production and Growth

Saving, Investment, and the Financial System

The Basic Tools of Finance

The Monetary System

Money Growth and Inflation

Open-Economy Macroeconomic Models

A Macroeconomic Theory of the Open Economy

Aggregate Demand and Aggregate Supply

The Influence of Monetary and Fiscal Policy on Aggregate Demand

The Short-Run Trade-Off Between Inflation and Unemployment

Six Debates Over Macroeconomic Policy

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Exam 15: Unemployment

The Bureau of Labor Statistics produces data on unemployment and other aspects of the labor market from a regular survey of households, called the

The labor force equals the

According to 2009 data on the U.S. population which of the following was correct?

There is a clear consensus among economists that unions are

In June 2009 the BLS reported an adult population of 234.9 million, a labor force of 154 million and employment of 141.6 million. Based on these numbers the unemployment rate was

Which of the following is correct?

Between the 1940s and today, union membership in the U.S.

The theory of efficiency wages provides a possible explanation as to why

If there were no factors keeping wages from reaching equilibrium then there would be no

Ten Principles of Economics

Thinking Like an Economist

Interdependence and the Gains From Trade

The Market Forces of Supply and Demand

Elasticity and Its Application

Supply, Demand, and Government Policies

Consumers, Producers, and the Efficiency of Markets

Application: The Costs of Taxation

Application: International Trade

Measuring a Nations Income

Measuring the Cost of Living

Production and Growth

Saving, Investment, and the Financial System

The Basic Tools of Finance

The Monetary System

Money Growth and Inflation

Open-Economy Macroeconomic Models

A Macroeconomic Theory of the Open Economy

Aggregate Demand and Aggregate Supply

The Influence of Monetary and Fiscal Policy on Aggregate Demand

The Short-Run Trade-Off Between Inflation and Unemployment

Six Debates Over Macroeconomic Policy

Filters