Question 1

Which of the following labor market statistics best indicates the amount of labor that is available to the economy from a given working-age population?

Accepted Answer

A) unemployment rate 
B) discouraged-worker ratio 
C) labor force participation rate 
D) the ratio of minimum wage to inflation 
A) unemployment rate 
B) discouraged-worker ratio 
C) labor force participation rate 
D) the ratio of minimum wage to inflation

Question 2

Efficiency wages cause unemployment because

Accepted Answer

A) firms pay wages that are below the market wage,causing the quantity of labor demanded to be greater than the quantity of labor supplied. 
B) firms pay wages that are below the market wage,causing the quantity of labor demanded to be less than the quantity of labor supplied. 
C) firms pay wages that are above the market wage,causing the quantity of labor demanded to be greater than the quantity of labor supplied. 
D) firms pay wages that are above the market wage,causing the quantity of labor demanded to be less than the quantity of labor supplied. 
A) firms pay wages that are below the market wage,causing the quantity of labor demanded to be greater than the quantity of labor supplied. 
B) firms pay wages that are below the market wage,causing the quantity of labor demanded to be less than the quantity of labor supplied. 
C) firms pay wages that are above the market wage,causing the quantity of labor demanded to be greater than the quantity of labor supplied. 
D) firms pay wages that are above the market wage,causing the quantity of labor demanded to be less than the quantity of labor supplied.

Question 3

Why might firms pay wages that are above the equilibrium wage in a market?

Accepted Answer

A) to increase the productivity of their workers 
B) to reduce the unemployment rate 
C) to encourage workers to form labor unions 
D) to reduce profit 
A) to increase the productivity of their workers 
B) to reduce the unemployment rate 
C) to encourage workers to form labor unions 
D) to reduce profit

Question 4

The household survey is compiled from firms who answer questions about the number of persons who are employed and on the company payroll.

Accepted Answer

A) True 
 B)False

Question 5

To understand why someone cannot get a job,it helps to know the three types of unemployment.List the three types of unemployment and explain what causes each type.What advice for finding a job would be appropriate for someone in each type of unemployment?

Accepted Answer

Frictional unemployment is the unemploym

Question 6

Assume the average annual CPI values for 2017 and 2018 were 207.3 and 215.3,respectively.What was the percent increase in the CPI between these two years?

Accepted Answer

A) 0.96 
B) 1.04 
C) 3.86 
D) 8.0 
A) 0.96 
B) 1.04 
C) 3.86 
D) 8.0

Question 7

If the employment-population ratio in 2017 was at the same level as it was in 2006

Accepted Answer

A) the same number of people would have been working in 2017 as were working in 2006. 
B) 3.5 million fewer people would have been working in 2017 than actually were. 
C) an additional 8 million people would have been working in 2017 than actually were. 
D) the number of employed people in 2017 would not have been different. 
A) the same number of people would have been working in 2017 as were working in 2006. 
B) 3.5 million fewer people would have been working in 2017 than actually were. 
C) an additional 8 million people would have been working in 2017 than actually were. 
D) the number of employed people in 2017 would not have been different.

Question 8

If the nominal rate of interest is 6.5% and the inflation rate is 3.0%,what is the real rate of interest?

Accepted Answer

A) -9.5% 
B) -3.5% 
C) 1.5% 
D) 3.5% 
E) 9.5% 
A) -9.5% 
B) -3.5% 
C) 1.5% 
D) 3.5% 
E) 9.5%

Question 9

Which of the following explains the changes in the U.S.adult male labor force participation rate since 1948?

Accepted Answer

A) More men are joining the military as compared to the past. 
B) More men are retiring later in life as compared to the past. 
C) Fewer men consider themselves discouraged workers as compared to the past. 
D) Younger men are remaining in school longer as compared to the past. 
A) More men are joining the military as compared to the past. 
B) More men are retiring later in life as compared to the past. 
C) Fewer men consider themselves discouraged workers as compared to the past. 
D) Younger men are remaining in school longer as compared to the past.

Which of the following labor market statistics best indicates the amount of labor that is available to the economy from a given working-age population?

Efficiency wages cause unemployment because

Why might firms pay wages that are above the equilibrium wage in a market?

The household survey is compiled from firms who answer questions about the number of persons who are employed and on the company payroll.

To understand why someone cannot get a job,it helps to know the three types of unemployment.List the three types of unemployment and explain what causes each type.What advice for finding a job would be appropriate for someone in each type of unemployment?

Assume the average annual CPI values for 2017 and 2018 were 207.3 and 215.3,respectively.What was the percent increase in the CPI between these two years?

If the employment-population ratio in 2017 was at the same level as it was in 2006

If the nominal rate of interest is 6.5% and the inflation rate is 3.0%,what is the real rate of interest?

Which of the following explains the changes in the U.S.adult male labor force participation rate since 1948?

Economics: Foundations and Models

Trade-Offs, Comparative Advantage, and the Market System

Where Prices Come From: The Interaction of Demand and Supply

Economic Efficiency, Government Price Setting, and Taxes

The Economics of Health Care

Firms, the Stock Market, and Corporate Governance

Comparative Advantage and the Gains From International Trade

GDP: Measuring Total Production and Income

Economic Growth, the Financial System, and Business Cycles

Long-Run Economic Growth: Sources and Policies

Aggregate Expenditure and Output in the Short Run

Aggregate Demand and Aggregate Supply Analysis

Money,Banks,and the Federal Reserve System

Monetary Policy

Fiscal Policy

Inflation, Unemployment, and Federal Reserve Policy

Macroeconomics in an Open Economy

The International Financial System

Filters

Exam 9: Unemployment and Inflation

Which of the following labor market statistics best indicates the amount of labor that is available to the economy from a given working-age population?

Efficiency wages cause unemployment because

Why might firms pay wages that are above the equilibrium wage in a market?

The household survey is compiled from firms who answer questions about the number of persons who are employed and on the company payroll.

To understand why someone cannot get a job,it helps to know the three types of unemployment.List the three types of unemployment and explain what causes each type.What advice for finding a job would be appropriate for someone in each type of unemployment?

Assume the average annual CPI values for 2017 and 2018 were 207.3 and 215.3,respectively.What was the percent increase in the CPI between these two years?

If the employment-population ratio in 2017 was at the same level as it was in 2006

If the nominal rate of interest is 6.5% and the inflation rate is 3.0%,what is the real rate of interest?

Which of the following explains the changes in the U.S.adult male labor force participation rate since 1948?

Economics: Foundations and Models

Trade-Offs, Comparative Advantage, and the Market System

Where Prices Come From: The Interaction of Demand and Supply

Economic Efficiency, Government Price Setting, and Taxes

The Economics of Health Care

Firms, the Stock Market, and Corporate Governance

Comparative Advantage and the Gains From International Trade

GDP: Measuring Total Production and Income

Economic Growth, the Financial System, and Business Cycles

Long-Run Economic Growth: Sources and Policies

Aggregate Expenditure and Output in the Short Run

Aggregate Demand and Aggregate Supply Analysis

Money,Banks,and the Federal Reserve System

Monetary Policy

Fiscal Policy

Inflation, Unemployment, and Federal Reserve Policy

Macroeconomics in an Open Economy

The International Financial System

Filters