Exam 10: Unemployment and Its Natural Rate

In June 2009 the Bureau of Labor Statistics reported a U.S. foreign-born population of 35.3 million. Of these, 22.7 million were employed and 1.4 million were unemployed. Based on these numbers what were the unemployment rate and the labor-force participation rate of the foreign-born U.S. population?

When a minimum-wage law forces the wage to remain above the level that balances supply and demand, there are more workers willing to work than there are jobs, so some workers are unemployed.

An important determinant of a country's standard of living is the amount of it typically experiences.

Which of the following is not an explanation for the existence of unemployment in the long run?

The Bureau of Labor Statistics produces data on unemployment

Adults who were waiting to be recalled to a job from which they had been laid off are included in the Bureau of Labor Statistics' "employed" category.

Within the U.S. population, teenagers ages 16-19) have similar rates of labor-force participation than adults of prime working age ages 25-54), regardless of race or gender.

Frictional unemployment is often thought to explain relatively long spells of unemployment.

Sheamous loses his job and decides to sit on the beach rather than look for work during the next few months. Other things the same, the unemployment rate

Figure 28-5 -Refer to Figure 28-5. If the minimum wage is set at $125, then

Data show that at least 10 percent of U.S. manufacturing jobs are destroyed every year.

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

Table 28-4 2010 Labor Data for Adults ages 16 and older) in Meditor -Refer to Table 28-4. What is the adult unemployment rate in Meditor?

More generous unemployment insurance would

Figure 28-3 -Refer to Figure 28-3. If the government imposes a minimum wage of $4, how many workers will be unemployed?

Labor unions

Which of the following is not a cause of frictional unemployment?

Josh is a full-time college student who is not working or looking for a job. The Bureau of Labor Statistics counts Josh as

When a minimum-wage law forces the wage to remain above the level that balances supply and demand, the quantity of labor supplied is lower and the quantity of labor demand is higher than at the equilibrium wage.

Rupert is collecting unemployment insurance benefits. To continue to receive his benefits, he must be looking for work. Because he'd like to continue collecting benefits rather than take a job, he applies at places that are unlikely to hire him. People like Rupert make the reported unemployment rate less than it would otherwise be.