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Figure 28-6 Figure 28-6 -Refer to Figure 28-6.What type of unemployment is measured by the differences between lines A and B? -Refer to Figure 28-6.What type of unemployment is measured by the differences between lines A and B?

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cyclical u...

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Explain the effect of right-to-work laws on the collective bargaining power of labor unions.

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Right-to-work laws decrease th...

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List a few of the characteristics of workers who typically earn at or below the minimum wage.

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teenagers, the least skilled m...

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The adult non-institutionalized population in the town of Bedrock is 75 thousand.Within Bedrock,5 thousand are unemployed,and 40 thousand are employed.Calculate the number of people not in the labor force.

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Suppose that there is an excess supply of economics professors. Should universities necessarily reduce salaries? What does standard economic theory suggest? What does efficiency-wage theory suggest?

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Standard economic theory suggests that i...

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Figure 28-7 Figure 28-7 -Refer to Figure 28-7.Without a minimum wage,what is the equilibrium level of employment? Explain what happens to the level of employment if the minimum wage is equal to $125. -Refer to Figure 28-7.Without a minimum wage,what is the equilibrium level of employment? Explain what happens to the level of employment if the minimum wage is equal to $125.

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Without a minimum wage, employ...

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List the four types of efficiency-wage theory.

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Worker health, worke...

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Define efficiency wages.

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Efficiency wages are above-equilibrium wages paid by firms to increase worker productivity.

Ignoring the differences across states,explain the benefit provided to the typical worker in the United States from unemployment insurance.

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Worker receives 50% ...

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Briefly explain the four rationales for efficiency wages.

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1. Better paid workers are healthier and...

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How are discouraged workers counted in the unemployment rate?

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Because discouraged workers are classified as out of the labor force, they are not counted in unemployment statistics.

Why might a favorable change in the economy,such as technological improvement or a decrease in the price of imported oil,be associated with an increase in frictional unemployment?

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Even generally favorable changes will usually involve some sort of sectoral shock that changes the demand for labor among different firms. For example, a decrease in the price of imported oil would likely reduce the demand for U.S. oil workers and increase the demand for automobile workers. Similarly, technological progress makes some industries decline and others advance, creating frictional unemployment.

What problems arise in interpreting unemployment data?

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Because people move into and out of the ...

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Figure 28-7 Figure 28-7 -Refer to Figure 28-7.If the minimum wage increases from $100 to $125,how many additional workers will be unemployed? -Refer to Figure 28-7.If the minimum wage increases from $100 to $125,how many additional workers will be unemployed?

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Figure 28-7 Figure 28-7 -Refer to Figure 28-7.At a minimum wage of $125,how much is the surplus of labor? -Refer to Figure 28-7.At a minimum wage of $125,how much is the surplus of labor?

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Unemployment insurance __________ the amount of unemployment.

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Compare the 2014 unemployment rates and labor-force participation rates of whites,blacks,adults of prime working age (ages 25-54),and teenagers (ages 16-19).

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For adults:
Adult white males have the h...

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Define the natural rate of unemployment and cyclical unemployment.

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The natural rate of unemployment refers ...

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Most spells of unemployment are short,and most unemployment observed at any given time is long term.How can this be?

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Most unemployed people in the economy ar...

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List the main employment characteristics over which a labor union negotiates for its workers.

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higher wages, better...

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