Question 1

Marginally attached workers are people who are

Accepted Answer

A)  looking for a better job than they currently have. 
B)  not working and are not looking for work, but would work if asked. 
C)  working part-time while they go to school or get training for a better job. 
D)  only a few years from retirement. 
A)  looking for a better job than they currently have. 
B)  not working and are not looking for work, but would work if asked. 
C)  working part-time while they go to school or get training for a better job. 
D)  only a few years from retirement.

Question 2

Teenage unemployment is higher than unemployment of people ages 20 and over. Explain why economists would attribute at least part of this difference to minimum-wage laws.

Accepted Answer

People who are experienced and educated

Question 3

In one year, you meet 52 people who are each unemployed for one week and eight people who are each unemployed for the whole year. What percentage of the unemployment spells you encountered was short term, and what percentage of the unemployment you encountered in a given week was long term?

Accepted Answer

A)  52% was short term; 13.3% was long term 
B)  52% was short term; 88.9% was long term 
C)  86.7% was short term; 13.3 was long term 
D)  86.7% was short term; 88.9 was long term 
A)  52% was short term; 13.3% was long term 
B)  52% was short term; 88.9% was long term 
C)  86.7% was short term; 13.3 was long term 
D)  86.7% was short term; 88.9 was long term

Question 4

Scenario 28-1
Suppose that the Bureau of Labor Statistics reports that the entire adult population of Mankiwland can be categorized as follows: 25 million people employed, 3 million people unemployed, 1 million discouraged workers, and 1 million people who are either students, homemakers, retirees, or other people not seeking employment.
-Refer to Scenario 28-1. What is the total labor force?

Accepted Answer

A)  25 million 
B)  28 million 
C)  29 million 
D)  30 million 
A)  25 million 
B)  28 million 
C)  29 million 
D)  30 million

Question 5

Discouraged workers are included in

Accepted Answer

A)  the number of unemployed. 
B)  frictional unemployment. 
C)  the labor force. 
D)  None of the above is correct. 
A)  the number of unemployed. 
B)  frictional unemployment. 
C)  the labor force. 
D)  None of the above is correct.

Question 6

Minimum-wage laws affect all workers.

Accepted Answer

A) True 
 B)False

Question 7

The Bureau of Labor Statistics' household survey and establishment survey both yield information about unemployment.

Accepted Answer

A) True 
 B)False

Question 8

Suppose that bartenders and waiters have no unions. Now suppose that bartenders form a union. What does this do the labor supply and wages of waiters?

Accepted Answer

A)  Both labor supply and wages increase. 
B)  Labor supply increases, and wages decrease. 
C)  Labor supply decreases, and wages increase. 
D)  Both labor supply and wages decrease. 
A)  Both labor supply and wages increase. 
B)  Labor supply increases, and wages decrease. 
C)  Labor supply decreases, and wages increase. 
D)  Both labor supply and wages decrease.

Question 9

Suppose that neither food-service workers nor retail salespeople are unionized. If food-service workers unionize, then the supply of retail salespeople will

Accepted Answer

A)  rise, as will the wages of retail salespeople. 
B)  rise, and the wages of retail salespeople will fall. 
C)  fall, as will the wages of retail salespeople. 
D)  fall, and the wages of retail salespeople will rise. 
A)  rise, as will the wages of retail salespeople. 
B)  rise, and the wages of retail salespeople will fall. 
C)  fall, as will the wages of retail salespeople. 
D)  fall, and the wages of retail salespeople will rise.

Question 10

Every week, the Bureau of Labor Statistics produces data on unemployment.

Accepted Answer

A) True 
 B)False

Question 11

Write the formula for calculating the unemployment rate.

Accepted Answer

The answer of Write the formula for calculating the unemployment...

Question 12

Most spells of unemployment are long, and most unemployment observed at any given time is long-term.

Accepted Answer

A) True 
 B)False

Question 13

Changes in the composition of demand among industries or regions are called sectoral shifts.

Accepted Answer

A) True 
 B)False

Question 14

The labor-force participation rate tells us the fraction of the population that is able to participate in the labor market.

Accepted Answer

A) True 
 B)False

Question 15

Scenario 28-1
Suppose that the Bureau of Labor Statistics reports that the entire adult population of Mankiwland can be categorized as follows: 25 million people employed, 3 million people unemployed, 1 million discouraged workers, and 1 million people who are either students, homemakers, retirees, or other people not seeking employment.
-Refer to Scenario 28-1. What is the unemployment rate?

Accepted Answer

A)  3.3% 
B)  6.7% 
C)  10.7% 
D)  12% 
A)  3.3% 
B)  6.7% 
C)  10.7% 
D)  12%

Question 16

A firm might offer efficiency wages to reduce worker turnover and thereby reduce production costs.

Accepted Answer

A) True 
 B)False

Question 17

Within the U.S. population, women of prime working age ages 25-54) have lower rates of labor-force participation than men of prime working age ages 25-54), regardless of race.

Accepted Answer

A) True 
 B)False

Question 18

The labor-force participation rate measures the percentage of the

Accepted Answer

A)  total adult population that is in the labor force. 
B)  total adult population that is employed. 
C)  labor force that is employed. 
D)  labor force that is either employed or unemployed. 
A)  total adult population that is in the labor force. 
B)  total adult population that is employed. 
C)  labor force that is employed. 
D)  labor force that is either employed or unemployed.

Question 19

In the 1940s and 1950s, about one-third of U.S. workers belonged to unions, but today, only about one-fifth of U.S. workers belong to unions.

Accepted Answer

A) True 
 B)False

Question 20

The adult population must equal the sum of the employed, the unemployed, and those not in the labor force.

Accepted Answer

A) True 
 B)False

Marginally attached workers are people who are

Teenage unemployment is higher than unemployment of people ages 20 and over. Explain why economists would attribute at least part of this difference to minimum-wage laws.

In one year, you meet 52 people who are each unemployed for one week and eight people who are each unemployed for the whole year. What percentage of the unemployment spells you encountered was short term, and what percentage of the unemployment you encountered in a given week was long term?

Discouraged workers are included in

Minimum-wage laws affect all workers.

The Bureau of Labor Statistics' household survey and establishment survey both yield information about unemployment.

Suppose that bartenders and waiters have no unions. Now suppose that bartenders form a union. What does this do the labor supply and wages of waiters?

Suppose that neither food-service workers nor retail salespeople are unionized. If food-service workers unionize, then the supply of retail salespeople will

Every week, the Bureau of Labor Statistics produces data on unemployment.

Write the formula for calculating the unemployment rate.

Most spells of unemployment are long, and most unemployment observed at any given time is long-term.

Changes in the composition of demand among industries or regions are called sectoral shifts.

The labor-force participation rate tells us the fraction of the population that is able to participate in the labor market.

A firm might offer efficiency wages to reduce worker turnover and thereby reduce production costs.

Within the U.S. population, women of prime working age ages 25-54) have lower rates of labor-force participation than men of prime working age ages 25-54), regardless of race.

The labor-force participation rate measures the percentage of the

In the 1940s and 1950s, about one-third of U.S. workers belonged to unions, but today, only about one-fifth of U.S. workers belong to unions.

The adult population must equal the sum of the employed, the unemployed, and those not in the labor force.

Ten Principles of Economics

Thinking Like an Economist

Interdependence and the Gains From Trade

The Market Forces of Supply and Demand

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 Macroeconomics: Basic Concepts

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 Tradeoff Between Inflation and Unemployment

Six Debates Over Macroeconomic Policy

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Exam 10: Unemployment and Its Natural Rate

Marginally attached workers are people who are

Teenage unemployment is higher than unemployment of people ages 20 and over. Explain why economists would attribute at least part of this difference to minimum-wage laws.

In one year, you meet 52 people who are each unemployed for one week and eight people who are each unemployed for the whole year. What percentage of the unemployment spells you encountered was short term, and what percentage of the unemployment you encountered in a given week was long term?

Discouraged workers are included in

Minimum-wage laws affect all workers.

The Bureau of Labor Statistics' household survey and establishment survey both yield information about unemployment.

Suppose that bartenders and waiters have no unions. Now suppose that bartenders form a union. What does this do the labor supply and wages of waiters?

Suppose that neither food-service workers nor retail salespeople are unionized. If food-service workers unionize, then the supply of retail salespeople will

Every week, the Bureau of Labor Statistics produces data on unemployment.

Write the formula for calculating the unemployment rate.

Most spells of unemployment are long, and most unemployment observed at any given time is long-term.

Changes in the composition of demand among industries or regions are called sectoral shifts.

The labor-force participation rate tells us the fraction of the population that is able to participate in the labor market.

A firm might offer efficiency wages to reduce worker turnover and thereby reduce production costs.

Within the U.S. population, women of prime working age ages 25-54) have lower rates of labor-force participation than men of prime working age ages 25-54), regardless of race.

The labor-force participation rate measures the percentage of the

In the 1940s and 1950s, about one-third of U.S. workers belonged to unions, but today, only about one-fifth of U.S. workers belong to unions.

The adult population must equal the sum of the employed, the unemployed, and those not in the labor force.

Ten Principles of Economics

Thinking Like an Economist

Interdependence and the Gains From Trade

The Market Forces of Supply and Demand

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 Macroeconomics: Basic Concepts

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 Tradeoff Between Inflation and Unemployment

Six Debates Over Macroeconomic Policy

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