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Exam 10: Unemployment and Its Natural Rate

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Question 131

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Every week, the Bureau of Labor Statistics produces data on unemployment.

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B) False

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Question 132

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Write the formula for calculating the unemployment rate.

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Question 133

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Most spells of unemployment are long, and most unemployment observed at any given time is long-term.

In one year, you meet 52 people who are each unemployed for one week and eight people who are each unemployed for the whole year. What percentage of the unemployment spells you encountered was short term, and what percentage of the unemployment you encountered in a given week was long term?

Changes in the composition of demand among industries or regions are called sectoral shifts.

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

The adult population must equal the sum of the employed, the unemployed, and those not in the labor force.

A firm might offer efficiency wages to reduce worker turnover and thereby reduce production costs.

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?

Within the U.S. population, women of prime working age ages 25-54) have lower rates of labor-force participation than men of prime working age ages 25-54), regardless of race.

The Bureau of Labor Statistics' household survey and establishment survey both yield information about unemployment.

Suppose that neither food-service workers nor retail salespeople are unionized. If food-service workers unionize, then the supply of retail salespeople will

Minimum-wage laws affect all workers.

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 total labor force?

Marginally attached workers are people who are

Suppose that bartenders and waiters have no unions. Now suppose that bartenders form a union. What does this do the labor supply and wages of waiters?

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.

The labor-force participation rate measures the percentage of the

Discouraged workers are included in

In the 1940s and 1950s, about one-third of U.S. workers belonged to unions, but today, only about one-fifth of U.S. workers belong to unions.