Question 1

Table 28-2
Labor Data for Aridia
 
-Refer to Table 28-2. The unemployment rate of Aridia in 2010 was

Accepted Answer

A)   10%.
B)   12.5%.
C)   14.3%.
D)   80%.E) All of the above
F) A) and D)

Question 2

Maury did not work last week because fire forced an evacuation of his workplace. The Bureau of Labor Statistics counts Maury 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) B) and C)
F) All of the above

Question 3

Public policy

Accepted Answer

A)   can reduce both frictional unemployment and the natural rate of unemployment.
B)   can reduce frictional unemployment, but it cannot reduce the natural rate of unemployment.
C)   cannot reduce frictional unemployment, but it can reduce the natural rate of unemployment.
D)   cannot reduce either frictional unemployment or the natural rate of unemployment.E) A) and C)
F) None of the above

Question 4

Table 28-10
The table below lists the number of people by labor force classification for the country of Springfield.
 
-Refer to Table 28-10. Calculate the U-5 unemployment rate.

Accepted Answer

The answer of Table 28-10
The table below lists the number...

Question 5

To be counted as "employed" in the U.S. labor force statistics, a person

Accepted Answer

A)   must be working for pay and be working full time.
B)   must be working for pay but does not have to be working full time.
C)   does not have to be working for pay if they are working for a family business but must be employed full time.
D)   does not have to be working for pay if they are working for a family business and does not have to be working full timeE) None of the above
F) All of the above

Question 6

Explain how the following apparently contradictory statement can be true: Most spells of unemployment are short, and most unemployment observed at any given time is long-term.

Accepted Answer

Most people who become unemplo...

Question 7

To maintain their standard of living, most people rely on

Accepted Answer

A)   government assistance.
B)   their labor earnings.
C)   their personal savings.
D)   All of the above are correct.E) A) and D)
F) A) and C)

Question 8

Efficiency wages

Accepted Answer

A)   increase productivity and reduce unemployment.
B)   increase productivity but increase unemployment.
C)   decrease productivity but reduce unemployment.
D)   decrease productivity and increase unemployment.E) A) and B)
F) A) and C)

Question 9

Most economists agree that eliminating unemployment insurance would increase the amount of unemployment in the economy.

Accepted Answer

A) True 
 B)False

Question 10

Most people rely primarily on income other than their labor earnings to maintain their standard of living.

Accepted Answer

A) True 
 B)False

Question 11

The efficiency-wage theory of worker health is more relevant for explaining unemployment in less developed countries than in rich countries.

Accepted Answer

A) True 
 B)False

Question 12

In June 2009 the Bureau of Labor Statistics reported an adult population of 234.9 million, unemployment of 12.4 million, and employment of 141.6 million. Based on these numbers the labor-force participation rate was

Accepted Answer

A)   154/234.9.
B)   141.6/234.9.
C)   141.6/154.
D)   None of the above is correct.E) None of the above
F) All of the above

Question 13

The amount of unemployment that an economy normally experiences is called the

Accepted Answer

A)   average rate of unemployment.
B)   natural rate of unemployment.
C)   cyclical rate of unemployment.
D)   typical rate of unemployment.E) B) and D)
F) None of the above

Question 14

Economists at the Congressional Budget Office estimated that for 2012, the U.S. natural rate of unemployment was

Accepted Answer

A)   1.5%.
B)   3.0%.
C)   5.5%.
D)   8.5%.E) A) and D)
F) A) and C)

Question 15

Gwen is an unpaid worker in her family's restaurant. The Bureau of Labor Statistics counts Gwen 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) None of the above
F) A) and B)

Question 16

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

Accepted Answer

A)   50 million
B)   90 million
C)   130 million
D)   135 millionE) C) and D)
F) A) and C)

Question 17

In the early 1900s, Henry Ford introduced a

Accepted Answer

A)   high-wage policy, and this policy produced many of the effects predicted by efficiency-wage theory.
B)   high-wage policy, and this policy produced none of the effects predicted by efficiency-wage theory.
C)   low-wage policy, and this policy produced many of the effects predicted by efficiency-wage theory.
D)   low-wage policy, and this policy produced none of the effects predicted by efficiency-wage theory.E) A) and B)
F) B) and C)

Question 18

The unemployed who quit their jobs, were fired for cause, or just entered the labor force are not eligible for unemployment insurance.

Accepted Answer

A) True 
 B)False

Question 19

Table 28-7
Below is data about the labor market in the city of Productionville.
 
-Refer to Table 28-7. If the local government imposed a minimum wage of $5 in Productionville, how many people would be unemployed?

Accepted Answer

A)   0
B)   2,000
C)   3,000
D)   5,000E) A) and D)
F) B) and C)

Question 20

According to 2012 data on the U.S. population, which of the following groups of teenagers ages 16-19)  had the highest unemployment rate?

Accepted Answer

A)   white males
B)   white females
C)   black males
D)   black femalesE) A) and B)
F) A) and C)

Exam 10: Unemployment and Its Natural Rate

Public policy

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Most people rely primarily on income other than their labor earnings to maintain their standard of living.

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To be counted as "employed" in the U.S. labor force statistics, a person

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According to 2012 data on the U.S. population, which of the following groups of teenagers ages 16-19) had the highest unemployment rate?

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Maury did not work last week because fire forced an evacuation of his workplace. The Bureau of Labor Statistics counts Maury as

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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 male population in Meditor?

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Explain how the following apparently contradictory statement can be true: Most spells of unemployment are short, and most unemployment observed at any given time is long-term.

Correct AnswerverifiedMost people who become unemplo...View AnswerShow Answer

Table 28-2 Labor Data for Aridia -Refer to Table 28-2. The unemployment rate of Aridia in 2010 was

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To maintain their standard of living, most people rely on

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The amount of unemployment that an economy normally experiences is called the

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Efficiency wages

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Table 28-7 Below is data about the labor market in the city of Productionville. -Refer to Table 28-7. If the local government imposed a minimum wage of $5 in Productionville, how many people would be unemployed?

Correct AnswerverifiedShow Answer

Economists at the Congressional Budget Office estimated that for 2012, the U.S. natural rate of unemployment was

Correct AnswerverifiedShow Answer

Gwen is an unpaid worker in her family's restaurant. The Bureau of Labor Statistics counts Gwen as

Correct AnswerverifiedShow Answer

Most economists agree that eliminating unemployment insurance would increase the amount of unemployment in the economy.

Correct AnswerverifiedShow Answer

In the early 1900s, Henry Ford introduced a

Correct AnswerverifiedShow Answer

The unemployed who quit their jobs, were fired for cause, or just entered the labor force are not eligible for unemployment insurance.

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Table 28-10 The table below lists the number of people by labor force classification for the country of Springfield. -Refer to Table 28-10. Calculate the U-5 unemployment rate.

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The efficiency-wage theory of worker health is more relevant for explaining unemployment in less developed countries than in rich countries.

Correct AnswerverifiedShow Answer

In June 2009 the Bureau of Labor Statistics reported an adult population of 234.9 million, unemployment of 12.4 million, and employment of 141.6 million. Based on these numbers the labor-force participation rate was

Correct AnswerverifiedShow Answer

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Most people who become unemplo...
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