Question 1

Which of the following is not one of the categories into which the Bureau of Labor Statistics places each adult of each surveyed household?

Accepted Answer

A)   employed
B)   unemployed
C)   underemployed
D)   not in the labor forceE) A) and C)
F) None of the above

Question 2

The deviation of unemployment from its natural rate is called cyclical unemployment.

Accepted Answer

A) True 
 B)False

Question 3

Employment can rise in one region of the country while it falls in another.

Accepted Answer

A) True 
 B)False

Question 4

The unemployment rate never falls to zero.

Accepted Answer

A) True 
 B)False

Question 5

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?

Accepted Answer

The rate of unemployment is measured as ...

Question 6

Someone who is without work but is not looking for work is included in the Bureau of Labor Statistics' "unemployed" category.

Accepted Answer

A) True 
 B)False

Question 7

Table 28-4
2010 Labor Data for Adults ages 16 and older)  in Meditor
 
-Refer to Table 28-4. What is the adult population in Meditor?

Accepted Answer

A)   90 million
B)   160 million
C)   230 million
D)   240 millionE) All of the above
F) None of the above

Question 8

In June 2009 the Bureau of Labor Statistics reported an adult population of 234.9 million, a labor force of 154 million and employment of 141.6 million. Based on these numbers the unemployment rate was

Accepted Answer

A)   93.3/234.9.
B)   12.4/234.9.
C)   93.3/154.
D)   12.4/154.E) C) and D)
F) B) and D)

Question 9

The Bureau of Labor Statistics' U­3 measure of joblessness is the official unemployment rate.

Accepted Answer

A) True 
 B)False

Question 10

Ariana is the CEO of a corporation that hires nonunion labor. According to the theory of efficiency wages, if she decides to pay her workers more than the competitive equilibrium wage, then

Accepted Answer

A)   the profits of her firm might increase.
B)   she will face a shortage of labor.
C)   the turnover of her workers may increase.
D)   None of the above is correct.E) A) and B)
F) A) and C)

Question 11

Which of the following is a cause of the changing role of women in American society over the past several decades?

Accepted Answer

A)   new technologies that have reduced the amount of time required to complete routine household tasks
B)   improved birth control
C)   changing political and social attitudes
D)   All of the above are correct.E) A) and B)
F) None of the above

Question 12

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

Accepted Answer

A)   teenagers.
B)   people with advanced technical training.
C)   people who are self-employed.
D)   union members.E) All of the above
F) B) and D)

Question 13

Policies that reduce the time it takes unemployed workers to find new jobs

Accepted Answer

A)   can reduce both frictional unemployment and the natural rate of unemployment.
B)   can reduce frictional unemployment, but they cannot reduce the natural rate of unemployment.
C)   cannot reduce frictional unemployment, but they can reduce the natural rate of unemployment.
D)   cannot reduce either frictional unemployment or the natural rate of unemployment.E) B) and D)
F) A) and B)

Question 14

Which of the following is correct?

Accepted Answer

A)   In the U.S. the natural rate of unemployment is frequently near 2%.
B)   The natural rate of unemployment fluctuates more than the cyclical rate of unemployment.
C)   The cyclical rate of unemployment is sometimes below the natural rate of unemployment.
D)   None of the above is correct.E) C) and D)
F) All of the above

Question 15

Which of the following is not a reason economies experience structural unemployment?

Accepted Answer

A)   job search
B)   unions
C)   minimum-wage laws
D)   efficiency wagesE) A) and B)
F) A) and C)

Question 16

Since 1960, the natural rate of unemployment in the U.S. has been between

Accepted Answer

A)   0% and 1%.
B)   5% and 6%.
C)   10% and 12%.
D)   12% and 24%.E) A) and B)
F) All of the above

Question 17

Sectoral changes in demand

Accepted Answer

A)   create frictional unemployment, while firms paying wages above equilibrium to attract a better pool of candidates creates structural unemployment.
B)   create structural unemployment, while firms paying wages above equilibrium to attract a better pool of candidates creates frictional unemployment.
C)   and firms paying wages above equilibrium to attract a better pool of candidates both create structural unemployment.
D)   and firms paying wages above equilibrium to attract a better pool of candidates both create frictional unemployment.E) C) and D)
F) B) and C)

Question 18

A minimum wage that is below the equilibrium wage rate does not raise unemployment.

Accepted Answer

A) True 
 B)False

Question 19

Wages in excess of their equilibrium level help explain

Accepted Answer

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

Question 20

Which of the following is not correct?

Accepted Answer

A)   The unemployment rate is an imperfect measure of a nation's overall level of economic well­being.
B)   Most job search in the U.S. economy takes place without intervention by the government.
C)   Most economists agree that eliminating unemployment insurance would increase the nation's overall level of well-being.
D)   Other things the same, countries that offer more generous and longer-lasting unemployment insurance benefits are likely to have higher unemployment rates.E) A) and D)
F) A) and C)

Exam 10: Unemployment and Its Natural Rate

Wages in excess of their equilibrium level help explain

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The unemployment rate never falls to zero.

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Table 28-4 2010 Labor Data for Adults ages 16 and older) in Meditor -Refer to Table 28-4. What is the adult population in Meditor?

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Policies that reduce the time it takes unemployed workers to find new jobs

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A minimum wage that is below the equilibrium wage rate does not raise unemployment.

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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?

Correct AnswerverifiedThe rate of unemployment is measured as ...View AnswerShow Answer

The deviation of unemployment from its natural rate is called cyclical unemployment.

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In June 2009 the Bureau of Labor Statistics reported an adult population of 234.9 million, a labor force of 154 million and employment of 141.6 million. Based on these numbers the unemployment rate was

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Which of the following is correct?

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Sectoral changes in demand

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The Bureau of Labor Statistics' U­3 measure of joblessness is the official unemployment rate.

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Employment can rise in one region of the country while it falls in another.

Correct AnswerverifiedShow Answer

Since 1960, the natural rate of unemployment in the U.S. has been between

Correct AnswerverifiedShow Answer

Ariana is the CEO of a corporation that hires nonunion labor. According to the theory of efficiency wages, if she decides to pay her workers more than the competitive equilibrium wage, then

Correct AnswerverifiedShow Answer

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

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Which of the following is not a reason economies experience structural unemployment?

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Which of the following is not one of the categories into which the Bureau of Labor Statistics places each adult of each surveyed household?

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Which of the following is a cause of the changing role of women in American society over the past several decades?

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Someone who is without work but is not looking for work is included in the Bureau of Labor Statistics' "unemployed" category.

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Which of the following is not correct?

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The rate of unemployment is measured as ...
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The Bureau of Labor Statistics' U3 measure of joblessness is the official unemployment rate.

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