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Exam 28: Unemployment

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Question 101

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Which of the following is among the four industries with the largest employment in the United States today?

A) lumber
B) men's clothing
C) communications
D) cotton goods

E) None of the above
F) A) and B)

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Question 102

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

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According to the theory of efficiency wa...

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Question 103

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Within the U.S. population, teenagers (ages 16-19) have lower rates of labor-force participation than adults of prime working age (ages 25-54), regardless of race or gender.

An economy's natural rate of unemployment is the

Unions are often thought to cause conflict between different groups of workers -- between the insiders who benefit from high union wages and the outsiders who do not get the union jobs.

When job search is the explanation for unemployment, workers are searching for the jobs that best suit their tastes and skills, but when the wage is above the equilibrium level, the quantity of labor supplied exceeds the quantity of labor demanded, and workers are unemployed because they are waiting for jobs to open up.

According to 2012 data on the U.S. population, which of the following groups of teenagers (ages 16-19) had the lowest labor-force participation rate?

Figure 28-7 -Refer to Figure 28-7. If the minimum wage is set at $100, how many will be unemployed?

When a union is present in a labor market, wages are not determined by the equilibrium of supply and demand.

Briefly compare the structural unemployment that arises from minimum-wage laws to the frictional unemployment that arises from the process of job search.

Which of the following is not correct?

If unions were formed in more industries, the supply of labor in other industries would

Which of the following is not a commonly-cited explanation for the decreasing labor-force participation rates for men from 1950 to the present?

Which of the following is correct?

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?

Unemployment that results because the number of jobs available in some labor markets may be insufficient to give a job to everyone who wants one is called

If people who report being unemployed are not, in fact, trying hard to find a job, then the reported unemployment rate will be biased upward.

Structural unemployment results when wages are, for some reason, set above the level that brings supply and demand into equilibrium.

Every month when the Bureau of Labor Statistics (BLS) announces the unemployment rate, it also announces the number of jobs the economy has gained or lost. Where does the BLS get the data about jobs?

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.