Question 1

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

Accepted Answer

A)   white males
B)   white females
C)   black males
D)   black femalesE) All of the above
F) C) and D)

Question 2

How does the government measure the economy's rate of unemployment?

Accepted Answer

The unemployment rat...

Question 3

Public policy, without intending to do so, can increase frictional unemployment.

Accepted Answer

A) True 
 B)False

Question 4

Karena was laid off, but she is expecting to be recalled. She has not looked for work since being laid off. Nathan is not employed, nor was he laid off. Who is counted as "unemployed" in the U.S. labor force statistics?

Accepted Answer

A)   1)  Karena and 2)  Nathan, even if Nathan has not looked for work during the previous four weeks
B)   1)  Karena and 2)  Nathan, if Nathan has looked for work during the previous four weeks
C)   1)  not Karena but 2)  Nathan, even if Nathan has not looked for work during the previous four weeks
D)   1)  not Karena but 2)  Nathan, if Nathan has looked for work during the previous four weeksE) A) and B)
F) A) and C)

Question 5

More than three-fourths of the unemployed are recent entrants into the labor force.

Accepted Answer

A) True 
 B)False

Question 6

A labor union is similar to a .

Accepted Answer

The answer of A labor union is similar to a...

Question 7

Who of the following is counted as "unemployed" by the Bureau of Labor Statistics?

Accepted Answer

A)   someone working without pay for a family member's business
B)   someone who is absent from their job due to illness
C)   someone on temporary layoff
D)   All of the above are correct.E) B) and C)
F) None of the above

Question 8

The introduction of a union into an industry

Accepted Answer

A)   raises wages and employment in that industry.
B)   lowers wages and employment in that industry.
C)   lowers wages and raises employment in that industry.
D)   raises wages and lowers employment in that industry.E) None of the above
F) C) and D)

Question 9

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.

Accepted Answer

A)   Bob and Tom are both frictionally unemployed.
B)   Bob and Tom are both structurally unemployed.
C)   Bob is frictionally unemployed, and Tom is structurally unemployed.
D)   Bob is structurally unemployed, and Tom is frictionally unemployed.E) All of the above
F) A) and C)

Question 10

The Bureau of Labor Statistics' U­5 measure of joblessness is the official unemployment rate.

Accepted Answer

A) True 
 B)False

Question 11

Spells of unemployment end about

Accepted Answer

A)   1/5 of the time with the person leaving the labor force.
B)   1/4 of the time with the person leaving the labor force.
C)   1/3 of the time with the person leaving the labor force.
D)   1/2 of the time with the person leaving the labor force.E) A) and B)
F) A) and C)

Question 12

Minimum wages create unemployment in markets where they create a

Accepted Answer

A)   shortage of labor. Minimum wage laws are not the predominant reason for unemployment in the U.S.
B)   shortage of labor. Minimum wage laws are the predominant reason for unemployment in the U.S.
C)   surplus of labor. Minimum wage laws are not the predominant reason for unemployment in the U.S.
D)   surplus of labor. Minimum wage laws are the predominant reason for unemployment in the U.S.E) C) and D)
F) B) and D)

Question 13

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 14

Caroline is the owner of a hair-styling salon and spa. She decides to raise the wages of her workers even though she faces an excess supply of labor. Her decision

Accepted Answer

A)   might increase profits if it attracts a better pool of workers to apply for jobs at her salon.
B)   will increase the excess supply of labor.
C)   may increase the quality of her work force.
D)   All of the above are correct.E) All of the above
F) B) and C)

Question 15

Minimum-wage laws are least likely to affect the wages paid to

Accepted Answer

A)   teenagers.
B)   low-skill workers.
C)   inexperienced workers.
D)   highly-educated workers.E) B) and C)
F) None of the above

Question 16

Government policy can do nothing about the natural rate of unemployment.

Accepted Answer

A) True 
 B)False

Question 17

The amount of unemployment varies

Accepted Answer

A)   little over time and across countries.
B)   little over time but substantially across countries.
C)   substantially over time but little across countries.
D)   substantially over time and across countries.E) All of the above
F) A) and B)

Question 18

The Internet my reduce frictional unemployment because it .

Accepted Answer

reduces the search c...

Question 19

Which of the following is correct?

Accepted Answer

A)   In unionized industries, wages are below the level that would prevail in competitive markets.
B)   The introduction of a union in an industry increases the quantity of labor demanded in that industry, causes some workers in that industry to be unemployed, and increases wages in the rest of the economy.
C)   Critics argue that the allocation of labor resulting from unions is both inefficient and inequitable.
D)   All of the above are correct.E) A) and B)
F) All of the above

Question 20

Which of the following is an example of an efficiency wage?

Accepted Answer

A)   a higher wage paid to a more experienced worker
B)   a below-equilibrium wage paid by a small business exempt from minimum-wage laws
C)   an above-equilibrium wage paid by a firm to reduce turnover costs
D)   a wage tied to participation in a government-sponsored job training programE) B) and C)
F) A) and B)

Exam 10: Unemployment and Its Natural Rate

Public policy, without intending to do so, can increase frictional unemployment.

Correct Answer
verified

Government policy can do nothing about the natural rate of unemployment.

Correct Answer
verified

Who of the following is counted as "unemployed" by the Bureau of Labor Statistics?

Correct Answer
verified

Which of the following is correct?

Correct Answer
verified

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.

Correct Answer
verified

The amount of unemployment varies

Correct Answer
verified

The introduction of a union into an industry

Correct Answer
verified

Minimum-wage laws are least likely to affect the wages paid to

Correct Answer
verified

Karena was laid off, but she is expecting to be recalled. She has not looked for work since being laid off. Nathan is not employed, nor was he laid off. Who is counted as "unemployed" in the U.S. labor force statistics?

Correct Answer
verified

Correct Answer
verified

Spells of unemployment end about

Correct Answer
verified

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

Correct Answer
verified

The Internet my reduce frictional unemployment because it .

Correct Answer
verified
reduces the search c...
View Answer

Minimum wages create unemployment in markets where they create a

Correct Answer
verified

More than three-fourths of the unemployed are recent entrants into the labor force.

Correct Answer
verified

How does the government measure the economy's rate of unemployment?

Correct Answer
verified
The unemployment rat...
View Answer

The Bureau of Labor Statistics' U5 measure of joblessness is the official unemployment rate.

Correct Answer
verified

Which of the following is an example of an efficiency wage?

Correct Answer
verified

A labor union is similar to a .

Correct Answer
verified

Caroline is the owner of a hair-styling salon and spa. She decides to raise the wages of her workers even though she faces an excess supply of labor. Her decision

Correct Answer
verified

Exam 10: Unemployment and Its Natural Rate

Public policy, without intending to do so, can increase frictional unemployment.

Correct AnswerverifiedShow Answer

Government policy can do nothing about the natural rate of unemployment.

Correct AnswerverifiedShow Answer

Who of the following is counted as "unemployed" by the Bureau of Labor Statistics?

Correct AnswerverifiedShow Answer

Which of the following is correct?

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

The amount of unemployment varies

Correct AnswerverifiedShow Answer

The introduction of a union into an industry

Correct AnswerverifiedShow Answer

Minimum-wage laws are least likely to affect the wages paid to

Correct AnswerverifiedShow Answer

Karena was laid off, but she is expecting to be recalled. She has not looked for work since being laid off. Nathan is not employed, nor was he laid off. Who is counted as "unemployed" in the U.S. labor force statistics?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Spells of unemployment end about

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The Internet my reduce frictional unemployment because it .

Correct Answerverifiedreduces the search c...View AnswerShow Answer

Minimum wages create unemployment in markets where they create a

Correct AnswerverifiedShow Answer

More than three-fourths of the unemployed are recent entrants into the labor force.

Correct AnswerverifiedShow Answer

How does the government measure the economy's rate of unemployment?

Correct AnswerverifiedThe unemployment rat...View AnswerShow Answer

The Bureau of Labor Statistics' U­5 measure of joblessness is the official unemployment rate.

Correct AnswerverifiedShow Answer

Which of the following is an example of an efficiency wage?

Correct AnswerverifiedShow Answer

A labor union is similar to a .

Correct AnswerverifiedShow Answer

Caroline is the owner of a hair-styling salon and spa. She decides to raise the wages of her workers even though she faces an excess supply of labor. Her decision

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
reduces the search c...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
The unemployment rat...
View Answer

The Bureau of Labor Statistics' U5 measure of joblessness is the official unemployment rate.

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified