Exam 15: Unemployment

Table 28-7 Below is data about the labor market in the city of Productionville. -Refer to Table 28-7. If the local government imposed a minimum wage of $7 in Productionville, how many people would be unemployed?

Following the recession of 2001, there was a month in which employment and the unemployment rate both rose. Assuming the computations were correct, how is it possible for both to have increased?

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.

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

Bob is looking for work after school, but everywhere he fills out an application, the managers say they always have a lot more applications than open positions. Tom has a law degree. Several firms have made him offers, but he thinks he might be able to find a firm where his talents could be put to better use.

Table 28-11 2010 Labor Data for Tajnia -Refer to Table 28-11. The labor force of Tajnia in 2010 is 10,000.

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?

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?

Unpaid stay­at­home fathers are included in the Bureau of Labor Statistics' "unemployed" category.

The natural rate of unemployment i) is the economy's desirable level of unemployment. Ii) cannot be affected by economic policy. Iii) is typically constant over time.

Unemployment that results because the number of jobs available in some labor markets may be insufficient to give a job to everyone who wants one is called

Ignoring the differences across states, explain the benefit provided to the typical worker in the United States from unemployment insurance.

The theory of efficiency wages explains why

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

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

In Belgium, Norway, and Sweden, the percentage of workers who belong to unions is

Table 28-11 2010 Labor Data for Tajnia -Refer to Table 28-11. The unemployment rate of Tajnia in 2010 is about 7.5 percent.

Table 28-2 Labor Data for Aridia -Refer to Table 28-2. The number of adults not in the labor force of Aridia in 2010 was

Unions contribute to

Meredith is looking for work as a computer programmer. Although her prospects are good, she has not yet taken a job. Julie is looking for work in a steel mill. Every time she shows up for an interview, there are more people looking for work than there are openings. Someone waiting in line with her tells her it has been that way for a long time.