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Exam 29: Unemployment

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Question 1

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Teenage unemployment is higher than unemployment of people ages 20 and over.Explain why economists would attribute at least part of this difference to minimum-wage laws.

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Question 2

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When a union bargains successfully with employers,in that industry,

A) both the quantity of labor supplied and the quantity of labor demanded increase.
B) both the quantity of labor supplied and the quantity of labor demanded decrease.
C) the quantity of labor supplied increases and the quantity of labor demanded decreases.
D) the quantity of labor demanded increases and the quantity of labor supplied decreases.

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

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Question 3

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Other things the same,an increase in wages above their equilibrium level

Suppose some country had an adult population of about 46 million,a labor-force participation rate of 75 percent,and an unemployment rate of 8 percent.How many people were unemployed?

Evidence indicates that the typical person who becomes unemployed will

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

There are always some workers without jobs,even when the overall economy is doing well.

Consumers decide to ride bikes more and drive cars less.Bicycle companies expand production while automobile companies fire workers.This is an example of

Structural unemployment results when wages are,for some reason,set above the level that brings supply and demand into equilibrium.

Figure 29-1 -Refer to Figure 29-1.At the equilibrium wage,how many workers are unemployed?

Sam has no job but keeps applying to get a job with a business that is unionized.He is qualified and he finds the pay attractive,but the firm is not hiring.Sam is

The labor-force participation rate measures the percentage of the

Table 29-3 2010 Labor Data for Adults (age 16 and older) in Meditor $\begin{array} { | l | l | } \hline \text { Males not in labor force } & 45 \text { million } \\\hline \text { Females not in labor force } & 35 \text { million } \\\hline \text { Males unemployed } & 5 \text { million } \\\hline \text { Females unemployed } & 5 \text { million } \\\hline \text { Males employed } & 85 \text { million } \\\hline \text { Females employed } & 65 \text { million } \\\hline\end{array}$ -Refer to Table 29-3.What is the adult male population in Meditor?

The unemployment rate is computed as the number of unemployed

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?

The labor-force participation rate equals the percentage of the labor force that is employed.

$\begin{array} { | l | l | } \hline \mathbf { Person } & \mathbf { Status } \\\hline \text { Allen } & \text { Unpaid stay at home dad. Has not 1ooked for a job in several years. } \\\hline \text { Ben } & \text { College president. } \\\hline \text { Allison } & \text { Part-time welder. Actively 1ooking for full time work. } \\\hline \text { Brittany } & \text { Self-employed full-time wedding singer. } \\\hline \text { Cathy } & \text { Full-time physician's sassistant. } \\\hline \text { Calvin } & \text { Retired finance professor. Last applied for work 10 weeks ago. } \\\hline \text { Diane } & \text { Laid-off fork-lift operator expecting to be recalled. } \\\hline \text { David } & \text { Works for a bicycle store. Age } 70 . \\\hline \text { Evelyn } & \text { Manager of health food store. } \\\hline \text { Eli } & \text { Museum guard. Was not at work last week due to illness. } \\\hline \text { Flora } & \text { Has never been employed. Looked for a job last week. } \\\hline \text { Frank } & \text { Fired from job as an investment banker. Last looked for work three weeks ago. } \\\hline\end{array}$ -Refer to Sample Population.How many in the sample are unemployed?

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

Unemployment insurance causes workers to be less likely to seek guarantees of job security when they negotiate with employers over the terms of employment.

Paying efficiency wages means that wages are