Question 1

U.S.Department of Labor data show that minimum-wage workers tend to be

Accepted Answer

A)   young and less educated.
B)   young and more educated.
C)   old and less educated.
D)   old and more educated.E) B) and D)
F) None of the above

Question 2

Unions contribute to

Accepted Answer

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

Question 3

The Bureau of Labor Statistics' U-3 measure of joblessness is the official unemployment rate.

Accepted Answer

A) True 
 B)False

Question 4

Who of the following would be included in the Bureau of Labor Statistics' "unemployed" category?

Accepted Answer

A)   Cambry,a full-time student who is not looking for work
B)   Eric,who is on temporary layoff
C)   Carson,who has retired and is not looking for work
D)   All of the above are correct.E) B) and C)
F) None of the above

Question 5

The labor-force participation rate tells us the fraction of the population that

Accepted Answer

A)   is able to participate in the labor market.
B)   has ever been employed.
C)   has chosen to participate in the labor market.
D)   has chosen not to participate in the labor market.E) B) and C)
F) A) and C)

Question 6

Most job search in the U.S.economy takes place without intervention by the government.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following is not correct?

Accepted Answer

A)   When a union is present in a labor market,wages are not determined by the equilibrium of supply and demand.
B)   Like any cartel,a union is a group of sellers acting together in the hope of exerting their joint market power.
C)   The process by which unions and firms agree on the terms of employment is called a strike.
D)   Most workers in the U.S.economy are not members of a union.E) B) and D)
F) A) and B)

Question 8

The destruction of manufacturing jobs and workers leaving their jobs to find better ones both contribute to frictional unemployment.

Accepted Answer

A) True 
 B)False

Question 9

Who would be included in the labor force?

Accepted Answer

A)   Homer,who is waiting for his new job to start
B)   Michelle,who has become discouraged looking for a job and has quit looking
C)   Derrick,an unpaid homemaker
D)   None of the above would be included in the labor force.E) C) and D)
F) A) and B)

Question 10

Between the 1940s and today,union membership in the U.S.

Accepted Answer

A)   rose from about one-eighth to one-third of the labor force.
B)   rose from about one-third to one-half of the labor force.
C)   fell from about one-half to one-third of the labor force.
D)   fell from about one-third to one-eighth of the labor force.E) B) and C)
F) All of the above

Question 11

If the wage is kept above the equilibrium level for any reason,the result is unemployment.

Accepted Answer

A) True 
 B)False

Question 12

Unemployment insurance

Accepted Answer

A)   may improve the ability of the economy to match workers with appropriate jobs.
B)   reduces the job search efforts of the unemployed.
C)   increases the amount of frictional unemployment in the economy.
D)   All of the above are correct.E) All of the above
F) A) and B)

Question 13

In 1914,Henry Ford began paying his workers $5 per day,about twice the going wage.As a result,turnover and absenteeism fell and productivity and profits rose.

Accepted Answer

A) True 
 B)False

Question 14

If the number of people unemployed rose but the number of people employed and the adult population stayed the same,then the labor force participation rate would rise.

Accepted Answer

A) True 
 B)False

Question 15

Which of the following is correct?

Accepted Answer

A)   In the U.S.it is only among the least skilled and least experienced members of the labor force that minimum-wage laws cause unemployment.Unions may keep wages above their equilibrium level.
B)   In the U.S.it is only among the least skilled and least experienced members of the labor force that minimum-wage laws cause unemployment.Unions cannot keep wages above their equilibrium level.
C)   In the U.S.minimum-wage laws cause unemployment even for people with high skills and much experience.Unions may keep wages above their equilibrium level.
D)   In the U.S.minimum-wage laws cause unemployment even for people with high skills and much experience.Unions cannot keep wages above their equilibrium level.E) B) and C)
F) C) and D)

Question 16

If outsiders had more say in union contracts then it is likely that union wages would be

Accepted Answer

A)   higher so unemployment would be higher.
B)   higher so unemployment would be lower.
C)   lower so unemployment would be higher.
D)   lower so unemployment would be lower.E) C) and D)
F) B) and C)

Question 17

Table 20-3
2010 Labor Data for Adults (age 16 and older) in Meditor
 
-Refer to Table 20-3.What is the adult labor-force participation rate in Meditor?

Accepted Answer

A)   37.5 percent
B)   62.5 percent
C)   66.7 percent
D)   95.8 percentE) A) and C)
F) A) and D)

Question 18

The Bureau of Labor Statistics defines discouraged workers as marginally attached workers who have given a job-market related reason for not currently looking for a job.

Accepted Answer

A) True 
 B)False

Question 19

When a minimum-wage law forces the wage to remain above the level that balances supply and demand,the quantity of labor supplied is higher and the quantity demanded of labor is lower than at the equilibrium wage.

Accepted Answer

A) True 
 B)False

Question 20

U.S.Department of Labor data show that minimum-wage workers tend to be

Accepted Answer

A)   more likely to be working part time and in the communication industry.
B)   more likely to be working part time and in the leisure and hospitality industry.
C)   more likely to be working full time and in the communication industry.
D)   more likely to be working full time and in the leisure and hospitality industry.E) A) and D)
F) B) and C)

Exam 20: Unemployment

If the wage is kept above the equilibrium level for any reason,the result is unemployment.

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When a minimum-wage law forces the wage to remain above the level that balances supply and demand,the quantity of labor supplied is higher and the quantity demanded of labor is lower than at the equilibrium wage.

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Most job search in the U.S.economy takes place without intervention by the government.

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The destruction of manufacturing jobs and workers leaving their jobs to find better ones both contribute to frictional unemployment.

Correct AnswerverifiedShow Answer

In 1914,Henry Ford began paying his workers $5 per day,about twice the going wage.As a result,turnover and absenteeism fell and productivity and profits rose.

Correct AnswerverifiedShow Answer

U.S.Department of Labor data show that minimum-wage workers tend to be

Correct AnswerverifiedShow Answer

U.S.Department of Labor data show that minimum-wage workers tend to be

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The Bureau of Labor Statistics defines discouraged workers as marginally attached workers who have given a job-market related reason for not currently looking for a job.

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Table 20-3 2010 Labor Data for Adults (age 16 and older) in Meditor -Refer to Table 20-3.What is the adult labor-force participation rate in Meditor?

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Unions contribute to

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If the number of people unemployed rose but the number of people employed and the adult population stayed the same,then the labor force participation rate would rise.

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Between the 1940s and today,union membership in the U.S.

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Who of the following would be included in the Bureau of Labor Statistics' "unemployed" category?

Correct AnswerverifiedShow Answer

The Bureau of Labor Statistics' U-3 measure of joblessness is the official unemployment rate.

Correct AnswerverifiedShow Answer

The labor-force participation rate tells us the fraction of the population that

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Who would be included in the labor force?

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Which of the following is not correct?

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If outsiders had more say in union contracts then it is likely that union wages would be

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Which of the following is correct?

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Unemployment insurance

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