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The Bureau of Labor Statistics' U-1 measure of joblessness includes only very long-term unemployed.

A) True
B) False

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Consider two people who are currently out of work.Tim is not looking for work because there have been many job cuts where he lives and he doesn't think it likely that he will find work.Bev is not currently looking for work,but she would like a job and she has looked for work in the past.The Bureau of Labor Statistics considers


A) both Tim and Bev to be marginally attached workers.
B) neither Tim nor Bev to be marginally attached workers.
C) only Tim to be a marginally attached worker.
D) only Bev to be a marginally attached worker.

E) C) and D)
F) A) and B)

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If there were no factors keeping wages from reaching equilibrium then there would be no


A) cyclical unemployment.
B) frictional unemployment.
C) structural unemployment.
D) natural rate of unemployment.

E) None of the above
F) B) and C)

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Figure 20-1 Figure 20-1 -Refer to Figure 20-1.If the government imposes a minimum wage of $8,then employment will decrease by A) 0 workers. B) 2000 workers. C) 3000 workers. D) 4000 workers. -Refer to Figure 20-1.If the government imposes a minimum wage of $8,then employment will decrease by


A) 0 workers.
B) 2000 workers.
C) 3000 workers.
D) 4000 workers.

E) A) and B)
F) A) and C)

Correct Answer

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Spells of unemployment end about


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) B) and C)
F) A) and D)

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Discouraged workers are people who want to work but have given up trying to find a job after an unsuccessful search.

A) True
B) False

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Measuring unemployment is the job of the Bureau of Labor Statistics.

A) True
B) False

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If the natural rate of unemployment is 5.2 percent and the actual rate of unemployment is 5.7 percent,then by definition there is


A) cyclical unemployment amounting to 0.5 percent of the labor force.
B) frictional unemployment amounting to 0.5 percent of the labor force.
C) structural unemployment amounting to 0.5 percent of the labor force.
D) search unemployment amounting to 0.5 percent of the labor force.

E) A) and B)
F) None of the above

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The Bureau of Labor Statistics computes labor-force participation rates for the entire adult population and for more narrowly defined groups.

A) True
B) False

Correct Answer

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The BLS classifies people who would like to work but have given up looking for a job as


A) unemployed.If they were classified as out of the labor force,the reported unemployment rate would be larger.
B) unemployed.If they were classified as out of the labor force,the reported unemployment rate would be smaller.
C) out of the labor force.If they were classified as unemployed,the reported unemployment rate would be larger.
D) out of the labor force.If they were classified as unemployed,the reported unemployment rate would be smaller.

E) B) and D)
F) A) and C)

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The natural unemployment rate includes


A) both frictional and structural unemployment.
B) neither frictional nor structural unemployment.
C) structural,but not frictional unemployment.
D) frictional,but not structural unemployment.

E) All of the above
F) A) and C)

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Suppose people in the adult population in a small country are classified based on their age. Suppose people in the adult population in a small country are classified based on their age. -Refer to Labor Force Statistics by Age.In the proper order,which age group has the highest unemployment rate and which has the highest participation rate? A) under 55,under 55 B) under 55,55 and older C) 55 and older,under 55 D) 55 and older,55 and older -Refer to Labor Force Statistics by Age.In the proper order,which age group has the highest unemployment rate and which has the highest participation rate?


A) under 55,under 55
B) under 55,55 and older
C) 55 and older,under 55
D) 55 and older,55 and older

E) C) and D)
F) A) and D)

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Suppose some country had an adult population of about 25 million,a labor-force participation rate of 60 percent,and an unemployment rate of 6 percent.How many people were unemployed?


A) 0.846 million
B) 0.9 million
C) 1.5 million
D) 6 million

E) A) and B)
F) None of the above

Correct Answer

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Which of the following is correct?


A) There is consensus among economists that unions are good for the economy.
B) There is consensus among economists that unions are bad for the economy.
C) There is consensus among economists that,on net,unions have almost no impact on macroeconomic variables.
D) There is no consensus among economists about whether unions are good or bad for the economy.

E) B) and D)
F) None of the above

Correct Answer

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Some long-run unemployment may be explained by the fact that the number of jobs available in some labor markets may be insufficient to give a job to everyone who wants one.

A) True
B) False

Correct Answer

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Suppose that the adult population is 4 million,the number of unemployed is 0.25 million,and the labor-force participation rate is 75%.What is the unemployment rate?


A) 6.25%
B) 8.3%
C) 9.1%
D) 18.75%

E) None of the above
F) All of the above

Correct Answer

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The Bureau of labor statistics divides the adult population into two categorizes,those who are employed and those who are unemployed.

A) True
B) False

Correct Answer

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Three possible reasons for an above-equilibrium wage are minimum-wage laws,unions,and efficiency wages.

A) True
B) False

Correct Answer

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Shannon is a full-time homemaker not currently searching for paid work.Noah is a full-time student who is not looking for a job.Who is included in the labor force by the Bureau of Labor Statistics?


A) only Shannon
B) only Noah
C) both Shannon and Noah
D) neither Shannon nor Noah

E) All of the above
F) B) and D)

Correct Answer

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Meredith recently graduated from college but has not yet started working.To be counted as unemployed she


A) does not have to have looked for work.
B) must have looked for work no more than a week ago.
C) must have looked for work no more than 4 weeks ago.
D) must have looked for work no more than 12 weeks ago.

E) A) and B)
F) A) and C)

Correct Answer

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