Question 1

The production of which of the following goods was among the four industries with the largest employment in the United States a century ago?

Accepted Answer

A)   horse shoes
B)   woolen goods
C)   candles
D)   minerals from miningE) B) and C)
F) A) and C)

Question 2

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) None of the above

Question 3

Table 28-6
 
-Refer to Table 28-6. What is the U-4 measure of labor underutilization?

Accepted Answer

A)   6.5%
B)   6.9%
C)   7.0%
D)   17.9%E) A) and C)
F) A) and B)

Question 4

Table 28-2
Labor Data for Aridia
 
-Refer to Table 28-2. The unemployment rate of Aridia in 2012 was

Accepted Answer

A)   6.25%.
B)   11.1%.
C)   12.5%.
D)   56.25%.E) C) and D)
F) B) and C)

Question 5

Minimum-wage laws, unions, and efficiency wages contribute to

Accepted Answer

A)   both structural unemployment and the natural rate of unemployment.
B)   neither structural unemployment nor the natural rate of unemployment.
C)   structural unemployment, but not the natural rate of unemployment.
D)   the natural rate of unemployment, but not structural unemployment.E) C) and D)
F) A) and B)

Question 6

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

Question 7

Figure 28-4 
-Refer to Figure 28-4. If the government imposes a minimum wage of $7, how many workers will be unemployed?

Accepted Answer

A)   0
B)   2,000
C)   4,000
D)   6,000E) All of the above
F) B) and D)

Question 8

A person who is counted as "unemployed" by the Bureau of Labor Statistics

Accepted Answer

A)   is also in the labor force.
B)   must have recently looked for work or be on temporary layoff.
C)   must be at least 16 years old.
D)   All of the above are correct.E) A) and B)
F) All of the above

Question 9

The natural rate of unemployment is impervious to economic policy.

Accepted Answer

A) True 
 B)False

Question 10

Matilda just graduated from college. In order to devote all her efforts to college, she didn't hold a job. She is going to tour around the country on her motorcycle for a month before she starts looking for work. Other things the same, the unemployment rate

Accepted Answer

A)   increases, and the labor-force participation rate decreases.
B)   and the labor-force participation rate both increase.
C)   increases, and the labor-force participation rate is unaffected.
D)   and the labor-force participation rate are both unaffected.E) All of the above
F) A) and B)

Question 11

Who among the following would be counted as "unemployed"?

Accepted Answer

A)   Shasta, who is waiting to be recalled to a job from which she has been laid off.
B)   Karen, who neither has a job nor is looking for one.
C)   Mary, who worked only 35 hours last week.
D)   None of the above is correct.E) A) and B)
F) A) and C)

Question 12

Cyclical unemployment refers to the year-to-year fluctuations in unemployment around its natural rate.

Accepted Answer

A) True 
 B)False

Question 13

Of the following groups, who is eligible for unemployment insurance benefits?

Accepted Answer

A)   the unemployed who quit their jobs
B)   the unemployed who were laid off because their previous employers no longer needed their skills
C)   the unemployed who were fired for cause
D)   the unemployed who just entered the labor forceE) B) and C)
F) C) and D)

Question 14

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

Question 15

The Bureau of Labor Statistics' U­2 measure of joblessness includes job losers and job leavers.

Accepted Answer

A) True 
 B)False

Question 16

Briefly explain the four rationales for efficiency wages.

Accepted Answer

1. Better paid workers are healthier and...

Question 17

Most spells of unemployment are short. About half of unemployment spells end with an exit from the labor force.

Accepted Answer

A) True 
 B)False

Question 18

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

Accepted Answer

A) True 
 B)False

Question 19

Which of the following is an example of an efficiency wage?

Accepted Answer

A)   a higher wage paid to a more experienced worker
B)   a below-equilibrium wage paid by a small business exempt from minimum-wage laws
C)   an above-equilibrium wage paid by a firm to reduce turnover costs
D)   a wage tied to participation in a government-sponsored job training programE) A) and D)
F) B) and C)

Question 20

The normal rate of unemployment around which the unemployment rate fluctuates is called cyclical unemployment.

Accepted Answer

A) True 
 B)False

Exam 20: Unemployment

Minimum-wage laws, unions, and efficiency wages contribute to

Correct AnswerverifiedShow Answer

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

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Matilda just graduated from college. In order to devote all her efforts to college, she didn't hold a job. She is going to tour around the country on her motorcycle for a month before she starts looking for work. Other things the same, the unemployment rate

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The natural rate of unemployment is impervious to economic policy.

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Who among the following would be counted as "unemployed"?

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Table 28-6 -Refer to Table 28-6. What is the U-4 measure of labor underutilization?

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The production of which of the following goods was among the four industries with the largest employment in the United States a century ago?

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Which of the following is an example of an efficiency wage?

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Minimum-wage laws

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

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The Bureau of Labor Statistics' U­2 measure of joblessness includes job losers and job leavers.

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Table 28-2 Labor Data for Aridia -Refer to Table 28-2. The unemployment rate of Aridia in 2012 was

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Figure 28-4 -Refer to Figure 28-4. If the government imposes a minimum wage of $7, how many workers will be unemployed?

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

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A person who is counted as "unemployed" by the Bureau of Labor Statistics

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The normal rate of unemployment around which the unemployment rate fluctuates is called cyclical unemployment.

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Cyclical unemployment refers to the year-to-year fluctuations in unemployment around its natural rate.

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Briefly explain the four rationales for efficiency wages.

Correct Answerverified1. Better paid workers are healthier and...View AnswerShow Answer

Of the following groups, who is eligible for unemployment insurance benefits?

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Most spells of unemployment are short. About half of unemployment spells end with an exit from the labor force.

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The Bureau of Labor Statistics' U2 measure of joblessness includes job losers and job leavers.

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1. Better paid workers are healthier and...
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