Question 1

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

Accepted Answer

A)  50 million 
B)  90 million 
C)  130 million 
D)  135 million 
A)  50 million 
B)  90 million 
C)  130 million 
D)  135 million

Question 2

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

Accepted Answer

A) True 
 B)False

Question 3

The Bureau of Labor Statistics' "employed" category includes those who worked as paid employees, worked in their own business, or worked as unpaid workers in a family member's business.

Accepted Answer

A) True 
 B)False

Question 4

In 2012, the U.S. natural rate of unemployment was estimated to be about 5.5 percent, which at the time was below the actual rate of unemployment of about 8.1 percent.

Accepted Answer

A) True 
 B)False

Question 5

A union is an employer association that bargains with workers over wages, benefits, and working conditions.

Accepted Answer

A) True 
 B)False

Question 6

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

Accepted Answer

A) True 
 B)False

Question 7

Adam is looking for a job in marketing. He has had some offers and his prospects are promising, but he has not yet accepted a job. Amanda lost her job working for Mercury Bicycles because many customers decided they prefer bicycles manufactured by Ultimate Bicycles instead. Who is frictionally unemployed?

Accepted Answer

A)  Adam but not Amanda 
B)  Amanda but not Adam 
C)  both Adam and Amanda 
D)  neither Amanda nor Adam 
A)  Adam but not Amanda 
B)  Amanda but not Adam 
C)  both Adam and Amanda 
D)  neither Amanda nor Adam

Question 8

Give a few examples of how sectoral shifts temporarily cause unemployment.

Accepted Answer

Examples should focus on sectors of the

Question 9

Do economists believe that labor unions are good or bad for the U.S. economy?

Accepted Answer

Economists disagree. Critics argue that

Question 10

The natural rate of unemployment refers to the current unemployment rate.

Accepted Answer

A) True 
 B)False

Question 11

Which famous company executive introduced an innovative pay system that is consistent with the theory of efficiency wages?

Accepted Answer

A)  Lee Iococca 
B)  Steve Jobs 
C)  Mark Zuckerberg 
D)  Henry Ford 
A)  Lee Iococca 
B)  Steve Jobs 
C)  Mark Zuckerberg 
D)  Henry Ford

Question 12

Which of the following is correct?

Accepted Answer

A)  Typically more than one-third of the unemployed are new entrants into the job market. 
B)  Most spells of unemployment are short. 
C)  Most unemployment observed at any time is long term. 
D)  All of the above are correct. 
A)  Typically more than one-third of the unemployed are new entrants into the job market. 
B)  Most spells of unemployment are short. 
C)  Most unemployment observed at any time is long term. 
D)  All of the above are correct.

Question 13

Jenna is searching for a job that suits her tastes about where to live. Mary is looking for a job that makes best use of her skills.

Accepted Answer

A)  Jenna and Mary are both frictionally unemployed. 
B)  Jenna and Mary are both structurally unemployed. 
C)  Jenna is frictionally unemployed, and Mary is structurally unemployed. 
D)  Jenna is structurally unemployed, and Mary is frictionally unemployed. 
A)  Jenna and Mary are both frictionally unemployed. 
B)  Jenna and Mary are both structurally unemployed. 
C)  Jenna is frictionally unemployed, and Mary is structurally unemployed. 
D)  Jenna is structurally unemployed, and Mary is frictionally unemployed.

Question 14

Susan is a plant manager in charge of a factory in a relatively poor country. Even though market wages are low, she decides to raise the wages of her workers. Her decision

Accepted Answer

A)  might increase profits if it means that the wage is high enough for her workers to eat a nutritious diet that makes them more productive. 
B)  will help eliminate the excess supply of labor. 
C)  may cause her workers to reduce the effort they expend at their jobs. 
D)  All of the above are correct. 
A)  might increase profits if it means that the wage is high enough for her workers to eat a nutritious diet that makes them more productive. 
B)  will help eliminate the excess supply of labor. 
C)  may cause her workers to reduce the effort they expend at their jobs. 
D)  All of the above are correct.

Question 15

According to 2012 data on the U.S. population, which of the following groups of teenagers ages (16-19) had the lowest unemployment rate?

Accepted Answer

A)  white males 
B)  white females 
C)  black males 
D)  black females 
A)  white males 
B)  white females 
C)  black males 
D)  black females

Question 16

Job search is the process of matching workers with appropriate jobs.

Accepted Answer

A) True 
 B)False

Question 17

In the U.S., it is illegal for employers to interfere when workers try to organize unions.

Accepted Answer

A) True 
 B)False

Question 18

What is the theory of efficiency wages? Provide four reasons that employers might pay efficiency wages.

Accepted Answer

According to the theory of efficiency wa

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

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

Accepted Answer

A)  increases, and the labor-force participation rate decreases. 
B)  increases, and the labor-force participation rate is unaffected. 
C)  is unaffected, and the labor-force participation rate decreases. 
D)  and the labor-force participation rate are both unaffected. 
A)  increases, and the labor-force participation rate decreases. 
B)  increases, and the labor-force participation rate is unaffected. 
C)  is unaffected, and the labor-force participation rate decreases. 
D)  and the labor-force participation rate are both unaffected.

Exam 20: Unemployment

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

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

The Bureau of Labor Statistics' "employed" category includes those who worked as paid employees, worked in their own business, or worked as unpaid workers in a family member's business.

In 2012, the U.S. natural rate of unemployment was estimated to be about 5.5 percent, which at the time was below the actual rate of unemployment of about 8.1 percent.

A union is an employer association that bargains with workers over wages, benefits, and working conditions.

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

Give a few examples of how sectoral shifts temporarily cause unemployment.

Do economists believe that labor unions are good or bad for the U.S. economy?

The natural rate of unemployment refers to the current unemployment rate.

Which famous company executive introduced an innovative pay system that is consistent with the theory of efficiency wages?

Which of the following is correct?

Jenna is searching for a job that suits her tastes about where to live. Mary is looking for a job that makes best use of her skills.

Susan is a plant manager in charge of a factory in a relatively poor country. Even though market wages are low, she decides to raise the wages of her workers. Her decision

According to 2012 data on the U.S. population, which of the following groups of teenagers ages (16-19) had the lowest unemployment rate?

Job search is the process of matching workers with appropriate jobs.

In the U.S., it is illegal for employers to interfere when workers try to organize unions.

What is the theory of efficiency wages? Provide four reasons that employers might pay efficiency wages.

Every week, the Bureau of Labor Statistics produces data on 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

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

Externalities

Public Goods and Common Resources

The Costs of Production

Firms in Competitive Markets

Monopoly

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

Aggregate Demand and Aggregate Supply

The Influence of Monetary and Fiscal Policy on Aggregate Demand

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