Question 1

The Bureau of Labor Statistics defines marginally attached workers as persons who currently are neither working nor looking for work but indicate that they want and are available for a job and have looked for work sometime in the recent past.

Accepted Answer

A) True 
 B)False

Question 2

Figure 28-3 
-Refer to Figure 28-3. If the government imposes a minimum wage of $4, how many workers will be employed?

Accepted Answer

A)   3,000
B)   4,000
C)   5,000
D)   7,000E) B) and C)
F) A) and D)

Question 3

Unions contribute to

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

Question 4

Michael decides to hire some additional workers for his roofing company. The equilibrium wage is $17 per hour. Efficiency wage theory suggests that it is reasonable for Michael to offer

Accepted Answer

A)   $17 per hour.
B)   less than $17 per hour because some people would be willing to work for less.
C)   less than $17 an hour to prevent shirking.
D)   more than $17 per hour in order to attract a better pool of applicants.E) B) and D)
F) A) and B)

Question 5

Within the U.S. population, teenagers ages 16-19) have higher rates of unemployment than adults of prime working age ages 25-54), regardless of race or gender.

Accepted Answer

A) True 
 B)False

Question 6

Frictional unemployment is often thought to explain relatively short spells of unemployment.

Accepted Answer

A) True 
 B)False

Question 7

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 labor-force participation rate?

Accepted Answer

A)   83.3%
B)   86.7%
C)   93.3%
D)   96.7%E) C) and D)
F) All of the above

Question 8

Duane owns his own real estate company. The Bureau of Labor Statistics counts Duane as

Accepted Answer

A)   unemployed and in the labor force.
B)   unemployed and not in the labor force.
C)   employed and in the labor force.
D)   employed and not in the labor force.E) A) and D)
F) B) and C)

Question 9

Suppose that some people are counted as unemployed when, to maintain unemployment compensation, they search for work only at places where they are unlikely to be hired. If these individuals were counted as out of the labor force instead of as unemployed, then

Accepted Answer

A)   both the unemployment rate and labor-force participation rate would be higher.
B)   both the unemployment rate and labor-force participation rate would be lower.
C)   the unemployment rate would be lower, and the labor-force participation rate would be higher.
D)   the unemployment rate would be higher, and the labor-force participation rate would be lower.E) A) and D)
F) All of the above

Question 10

Which of the following is correct?

Accepted Answer

A)   Nearly all economists believe that unions are bad for the economy as a whole.
B)   Unionized firms pay wages above the competitive equilibrium level.
C)   Unions increase the level of employment in unionized firms.
D)   Unions decrease the level of employment in firms without unions.E) A) and B)
F) B) and C)

Question 11

Which of the following is not among the four industries with the largest employment in the United States today?

Accepted Answer

A)   lumber
B)   aircraft
C)   communications
D)   electrical componentsE) A) and B)
F) A) and C)

Question 12

Lucy quit her job because she was unhappy at work. Genevieve was fired because she frequently surfed the Internet rather than working on her assigned tasks. Who is eligible for unemployment insurance benefits?

Accepted Answer

A)   both Lucy and Genevieve
B)   Lucy but not Genevieve
C)   Genevieve but not Lucy
D)   neither Lucy nor GenevieveE) B) and C)
F) A) and D)

Question 13

The Wagner Act of 1935

Accepted Answer

A)   prevents unions from acting as cartels.
B)   allows workers joining a unionized firm to choose not to join the union.
C)   prevents employers from interfering when workers try to organize a union.
D)   prevents firms from hiring permanent replacements for workers who are on strike.E) B) and C)
F) C) and D)

Question 14

Suppose that college professors at public universities are unionized. If public university college professors change their minds and vote not to be unionized, the quantity of public university college professors demanded will

Accepted Answer

A)   rise. The supply of workers in other similar professions will also rise.
B)   rise. The supply of workers in other similar professions will fall.
C)   fall. The supply of workers in other similar professions will rise.
D)   fall. The supply of workers in other similar professions will also fall.E) A) and D)
F) None of the above

Question 15

Data on the unemployment rate in the U.S. since 1960 show that the economy always has some unemployment and that the amount changes from year to year.

Accepted Answer

A) True 
 B)False

Question 16

Labor unions

Accepted Answer

A)   prefer to operate in states with right-to-work laws.
B)   are similar to cartels.
C)   play a larger role in the current U.S. economy than in European countries such as Norway and Sweden.
D)   attract a membership of about 25 percent of current U.S. workers.E) All of the above
F) A) and D)

Question 17

What is the theory of efficiency wages? Provide four reasons that employers might pay efficiency wages.

Accepted Answer

According to the theory of efficiency wa...

Question 18

Table 28-3
2009 Labor Data for Baltivia
 
-Refer to Table 28-3. How many people were unemployed in Baltivia in 2009?

Accepted Answer

A)   1,400
B)   1,600
C)   2,000
D)   2,780E) A) and B)
F) A) and C)

Question 19

Minimum-wage laws

Accepted Answer

A)   reduce unemployment.
B)   cause labor shortages, which further raise wages above equilibrium.
C)   affect highly-educated workers more than high school dropouts.
D)   None of the above is correct.E) B) and D)
F) All of the above

Question 20

Causes of the decline in the U.S. men's labor­force participation rate over the past several decades include young men now staying in school longer than their fathers and grandfathers did, older men now retiring earlier and living longer, and more fathers now staying at home to raise their children.

Accepted Answer

A) True 
 B)False

Exam 10: Unemployment and Its Natural Rate

Michael decides to hire some additional workers for his roofing company. The equilibrium wage is $17 per hour. Efficiency wage theory suggests that it is reasonable for Michael to offer

Correct Answer
verified

Table 28-3 2009 Labor Data for Baltivia -Refer to Table 28-3. How many people were unemployed in Baltivia in 2009?

Correct Answer
verified

The Wagner Act of 1935

Correct Answer
verified

Which of the following is correct?

Correct Answer
verified

Duane owns his own real estate company. The Bureau of Labor Statistics counts Duane as

Correct Answer
verified

Unions contribute to

Correct Answer
verified

Frictional unemployment is often thought to explain relatively short spells of unemployment.

Correct Answer
verified

Suppose that some people are counted as unemployed when, to maintain unemployment compensation, they search for work only at places where they are unlikely to be hired. If these individuals were counted as out of the labor force instead of as unemployed, then

Correct Answer
verified

Labor unions

Correct Answer
verified

Suppose that college professors at public universities are unionized. If public university college professors change their minds and vote not to be unionized, the quantity of public university college professors demanded will

Correct Answer
verified

Causes of the decline in the U.S. men's laborforce participation rate over the past several decades include young men now staying in school longer than their fathers and grandfathers did, older men now retiring earlier and living longer, and more fathers now staying at home to raise their children.

Correct Answer
verified

Minimum-wage laws

Correct Answer
verified

The Bureau of Labor Statistics defines marginally attached workers as persons who currently are neither working nor looking for work but indicate that they want and are available for a job and have looked for work sometime in the recent past.

Correct Answer
verified

Lucy quit her job because she was unhappy at work. Genevieve was fired because she frequently surfed the Internet rather than working on her assigned tasks. Who is eligible for unemployment insurance benefits?

Correct Answer
verified

Correct Answer
verified

Data on the unemployment rate in the U.S. since 1960 show that the economy always has some unemployment and that the amount changes from year to year.

Correct Answer
verified

Which of the following is not among the four industries with the largest employment in the United States today?

Correct Answer
verified

What is the theory of efficiency wages? Provide four reasons that employers might pay efficiency wages.

Correct Answer
verified
According to the theory of efficiency wa...
View Answer

Within the U.S. population, teenagers ages 16-19) have higher rates of unemployment than adults of prime working age ages 25-54), regardless of race or gender.

Correct Answer
verified

Figure 28-3 -Refer to Figure 28-3. If the government imposes a minimum wage of $4, how many workers will be employed?

Correct Answer
verified

Exam 10: Unemployment and Its Natural Rate

Michael decides to hire some additional workers for his roofing company. The equilibrium wage is $17 per hour. Efficiency wage theory suggests that it is reasonable for Michael to offer

Correct AnswerverifiedShow Answer

Table 28-3 2009 Labor Data for Baltivia -Refer to Table 28-3. How many people were unemployed in Baltivia in 2009?

Correct AnswerverifiedShow Answer

The Wagner Act of 1935

Correct AnswerverifiedShow Answer

Which of the following is correct?

Correct AnswerverifiedShow Answer

Duane owns his own real estate company. The Bureau of Labor Statistics counts Duane as

Correct AnswerverifiedShow Answer

Unions contribute to

Correct AnswerverifiedShow Answer

Frictional unemployment is often thought to explain relatively short spells of unemployment.

Correct AnswerverifiedShow Answer

Suppose that some people are counted as unemployed when, to maintain unemployment compensation, they search for work only at places where they are unlikely to be hired. If these individuals were counted as out of the labor force instead of as unemployed, then

Correct AnswerverifiedShow Answer

Labor unions

Correct AnswerverifiedShow Answer

Suppose that college professors at public universities are unionized. If public university college professors change their minds and vote not to be unionized, the quantity of public university college professors demanded will

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Minimum-wage laws

Correct AnswerverifiedShow Answer

The Bureau of Labor Statistics defines marginally attached workers as persons who currently are neither working nor looking for work but indicate that they want and are available for a job and have looked for work sometime in the recent past.

Correct AnswerverifiedShow Answer

Lucy quit her job because she was unhappy at work. Genevieve was fired because she frequently surfed the Internet rather than working on her assigned tasks. Who is eligible for unemployment insurance benefits?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Data on the unemployment rate in the U.S. since 1960 show that the economy always has some unemployment and that the amount changes from year to year.

Correct AnswerverifiedShow Answer

Which of the following is not among the four industries with the largest employment in the United States today?

Correct AnswerverifiedShow Answer

What is the theory of efficiency wages? Provide four reasons that employers might pay efficiency wages.

Correct AnswerverifiedAccording to the theory of efficiency wa...View AnswerShow Answer

Within the U.S. population, teenagers ages 16-19) have higher rates of unemployment than adults of prime working age ages 25-54), regardless of race or gender.

Correct AnswerverifiedShow Answer

Figure 28-3 -Refer to Figure 28-3. If the government imposes a minimum wage of $4, how many workers will be employed?

Correct AnswerverifiedShow Answer

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

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
According to the theory of efficiency wa...
View Answer

Correct Answer
verified

Correct Answer
verified