Question 1

In the town of Gotham the adult population is 560 thousand, the number unemployed is 25 thousand, and 185 thousand are not in the labor force. Calculate the unemployment rate.

Accepted Answer

The answer of In the town of Gotham the adult...

Question 2

Minimum wages create unemployment in markets where they create a

Accepted Answer

A)  shortage of labor. Unemployment of this type is called frictional. 
B)  shortage of labor. Unemployment of this type is called structural. 
C)  surplus of labor. Unemployment of this type is called frictional. 
D)  surplus of labor. Unemployment of this type is called structural. 
A)  shortage of labor. Unemployment of this type is called frictional. 
B)  shortage of labor. Unemployment of this type is called structural. 
C)  surplus of labor. Unemployment of this type is called frictional. 
D)  surplus of labor. Unemployment of this type is called structural.

Question 3

Define the natural rate of unemployment and cyclical unemployment.

Accepted Answer

The natural rate of unemployment refers

Question 4

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

Accepted Answer

A)  0 
B)  2,000 
C)  4,000 
D)  6,000 
A)  0 
B)  2,000 
C)  4,000 
D)  6,000

Question 5

Recent entrants into the labor force account for about

Accepted Answer

A)  1/5 of those who are unemployed. 
B)  1/4 of those who are unemployed. 
C)  1/3 of those who are unemployed. 
D)  1/2 of those who are unemployed. 
A)  1/5 of those who are unemployed. 
B)  1/4 of those who are unemployed. 
C)  1/3 of those who are unemployed. 
D)  1/2 of those who are unemployed.

Question 6

The unemployment that results from the process of matching workers and jobs is called structural unemployment.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following does not help reduce frictional unemployment?

Accepted Answer

A)  government-run employment agencies 
B)  public training programs 
C)  unemployment insurance 
D)  All of the above help reduce frictional unemployment. 
A)  government-run employment agencies 
B)  public training programs 
C)  unemployment insurance 
D)  All of the above help reduce frictional unemployment.

Question 8

Which of the following was not among the four industries with the largest employment in the United States a century ago?

Accepted Answer

A)  cotton goods 
B)  men's clothing 
C)  meat packing 
D)  lumber 
A)  cotton goods 
B)  men's clothing 
C)  meat packing 
D)  lumber

Question 9

In 1914, Henry Ford began paying his workers $5 per day, about twice the going wage. As a result, turnover and absenteeism fell and productivity and profits rose.

Accepted Answer

A) True 
 B)False

Question 10

Public policy can reduce the economy's natural rate of unemployment.

Accepted Answer

A) True 
 B)False

Question 11

Table 28-11
2010 Labor Data for Tajnia
  
-Refer to Table 28-11. The labor force of Tajnia in 2010 is 12,250.

Accepted Answer

A) True 
 B)False

Question 12

Every month, the Bureau of Labor Statistics surveys 160,000 business establishments to help determine the

Accepted Answer

A)  number of people unemployed. 
B)  number of jobs the economy has gained or lost. 
C)  size of the labor force. 
D)  number of people who own their own businesses. 
A)  number of people unemployed. 
B)  number of jobs the economy has gained or lost. 
C)  size of the labor force. 
D)  number of people who own their own businesses.

Question 13

The Bureau of Labor Statistics reported in 2005 that there were 53.23 million people over age 25 who had at least a bachelor's degree, 40.59 million of whom were employed and 0.98 million of whom were unemployed. What were the labor-force participation rate and the unemployment rate for this group?

Accepted Answer

A)  76.3% and 1.8% 
B)  76.3% and 2.4% 
C)  78.1% and 1.8% 
D)  78.1% and 2.4% 
A)  76.3% and 1.8% 
B)  76.3% and 2.4% 
C)  78.1% and 1.8% 
D)  78.1% and 2.4%

Question 14

Evidence indicates that the typical person who becomes unemployed will

Accepted Answer

A)  soon find a job. 
B)  find a job but not before a year or more has gone by. 
C)  leave the labor force and never return. 
D)  retire soon after 
A)  soon find a job. 
B)  find a job but not before a year or more has gone by. 
C)  leave the labor force and never return. 
D)  retire soon after

Question 15

More than 3 percent of U.S. workers leave their jobs in a typical month.

Accepted Answer

A) True 
 B)False

Question 16

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?

Accepted Answer

A)  4.2% 
B)  6.25% 
C)  6.7% 
D)  10% 
A)  4.2% 
B)  6.25% 
C)  6.7% 
D)  10%

Question 17

Table 28-10
The table below lists the number of people by labor force classification for the country of Springfield.
  
-Refer to Table 28-10. Calculate the number in the labor force, and the unemployment rate.

Accepted Answer

The labor force is 9

Question 18

Not all unemployment ends with the job seeker finding a job.

Accepted Answer

A) True 
 B)False

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

Which of the following is not a commonly-cited explanation for the decreasing labor-force participation rates for men from 1950 to the present?

Accepted Answer

A)  availability of reliable birth control 
B)  men acquiring additional years of schooling before entering the labor force 
C)  a preference for men to retire when younger 
D)  changing social attitudes about stay-at-home fathers 
A)  availability of reliable birth control 
B)  men acquiring additional years of schooling before entering the labor force 
C)  a preference for men to retire when younger 
D)  changing social attitudes about stay-at-home fathers

Exam 20: Unemployment

In the town of Gotham the adult population is 560 thousand, the number unemployed is 25 thousand, and 185 thousand are not in the labor force. Calculate the unemployment rate.

Minimum wages create unemployment in markets where they create a

Define the natural rate of unemployment and cyclical unemployment.

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

Recent entrants into the labor force account for about

The unemployment that results from the process of matching workers and jobs is called structural unemployment.

Which of the following does not help reduce frictional unemployment?

Which of the following was not among the four industries with the largest employment in the United States a century ago?

In 1914, Henry Ford began paying his workers $5 per day, about twice the going wage. As a result, turnover and absenteeism fell and productivity and profits rose.

Public policy can reduce the economy's natural rate of unemployment.

Table 28-11 2010 Labor Data for Tajnia -Refer to Table 28-11. The labor force of Tajnia in 2010 is 12,250.

Every month, the Bureau of Labor Statistics surveys 160,000 business establishments to help determine the

The Bureau of Labor Statistics reported in 2005 that there were 53.23 million people over age 25 who had at least a bachelor's degree, 40.59 million of whom were employed and 0.98 million of whom were unemployed. What were the labor-force participation rate and the unemployment rate for this group?

Evidence indicates that the typical person who becomes unemployed will

More than 3 percent of U.S. workers leave their jobs in a typical month.

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?

Table 28-10 The table below lists the number of people by labor force classification for the country of Springfield. -Refer to Table 28-10. Calculate the number in the labor force, and the unemployment rate.

Not all unemployment ends with the job seeker finding a job.

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

Which of the following is not a commonly-cited explanation for the decreasing labor-force participation rates for men from 1950 to the present?

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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