Question 1

Which of the following is correct?

Accepted Answer

A)   The amount of unemployment that a country typically experiences is a determinant of that country's standard of living, and some degree of unemployment is inevitable in a complex economy.
B)   The amount of unemployment that a country typically experiences is a determinant of that country's standard of living, and a complex economy can achieve zero unemployment.
C)   The amount of unemployment that a country typically experiences is not a determinant of that country's standard of living, and a complex economy can achieve zero unemployment.
D)   The amount of unemployment that a country typically experiences is not a determinant of that country's standard of living, and some degree of unemployment is inevitable in a complex economy.E) B) and C)
F) C) and D)

Question 2

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 C)
F) A) and C)

Question 3

The Bureau of Labor Statistics defines marginally attached workers as persons who currently are neither working nor looking for work but indicate that they want and are available for a job and have looked for work sometime in the recent past.

Accepted Answer

A) True 
 B)False

Question 4

If the minimum wage is currently above the equilibrium wage, then a decrease in the minimum wage

Accepted Answer

A)   increases both the quantity demanded and the quantity supplied of labor.
B)   decreases both the quantity demanded and the quantity supplied of labor.
C)   increases the quantity of labor demanded but decreases the quantity of labor supplied.
D)   decreases the quantity of labor demanded but increases the quantity of labor supplied.E) A) and B)
F) A) and C)

Question 5

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) A) and C)
F) C) and D)

Question 6

Provide a definition of the natural rate of unemployment.

Accepted Answer

The amount of unempl...

Question 7

The Bureau of Labor Statistics reported in 2005 that there were 50.40 million people over age 25 whose highest level of education was some college or an associate degree, 33.86 million of whom were employed and 1.27 million of whom were unemployed. What were the labor-force participation rate and the unemployment rate for this group?

Accepted Answer

A)   69.7% and 2.5%
B)   69.7% and 3.6%
C)   67.2% and 2.5%
D)   67.2% and 3.6%E) All of the above
F) A) and B)

Question 8

If a union and a firm cannot reach an agreement on the terms of employment, then the union can organize a withdrawal of labor from the firm, called a strike.

Accepted Answer

A) True 
 B)False

Question 9

The unemployment that results from the quantity of labor supplied exceeding the quantity demanded is called structural unemployment.

Accepted Answer

A) True 
 B)False

Question 10

The designation "natural" implies that the natural rate of unemployment

Accepted Answer

A)   is desirable.
B)   is constant over time.
C)   is impervious to economic policy.
D)   does not go away on its own even in the long run.E) B) and C)
F) A) and D)

Question 11

Table 28-11
2010 Labor Data for Tajnia 
-Refer to Table 28-11. The unemployment rate of Tajnia in 2010 is about 18.4 percent.

Accepted Answer

A) True 
 B)False

Question 12

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 13

Explain how the actions of labor unions generate greater unemployment.

Accepted Answer

Labor unions push wa...

Question 14

In an ideal labor market, wages would adjust to balance the quantity of labor supplied and the quantity of labor demanded, ensuring that all workers are always fully employed.

Accepted Answer

A) True 
 B)False

Question 15

Right-to-work laws

Accepted Answer

A)   guarantee workers the right to form unions.
B)   give workers in a unionized firm the right to choose whether to join the union.
C)   prevent employers from hiring permanent replacements for workers who are on strike.
D)   prevent workers from being fired because of increases in wages brought about by collective bargaining.E) B) and D)
F) B) and C)

Question 16

The natural rate of unemployment is any type of unemployment that does not go away on its own even in the long run.

Accepted Answer

A) True 
 B)False

Question 17

According to 2012 data on the U.S. population, which of the following groups of adults of prime working age (ages 25-54)  had the lowest unemployment rate?

Accepted Answer

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

Question 18

Which of the following is not an explanation for the existence of structural unemployment?

Accepted Answer

A)   efficiency wages
B)   job search
C)   minimum-wage laws
D)   unionsE) A) and B)
F) B) and D)

Question 19

The labor-force participation rate equals the percentage of the labor force that is either employed or unemployed.

Accepted Answer

A) True 
 B)False

Question 20

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) A) and D)
F) A) and C)

Exam 28: Unemployment

If a union and a firm cannot reach an agreement on the terms of employment, then the union can organize a withdrawal of labor from the firm, called a strike.

Correct Answer
verified

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 Answer
verified

The labor-force participation rate equals the percentage of the labor force that is either employed or unemployed.

Correct Answer
verified

In an ideal labor market, wages would adjust to balance the quantity of labor supplied and the quantity of labor demanded, ensuring that all workers are always fully employed.

Correct Answer
verified

If the minimum wage is currently above the equilibrium wage, then a decrease in the minimum wage

Correct Answer
verified

The designation "natural" implies that the natural rate of unemployment

Correct Answer
verified

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

Correct Answer
verified

Which of the following is not an explanation for the existence of structural unemployment?

Correct Answer
verified

Provide a definition of the natural rate of unemployment.

Correct Answer
verified
The amount of unempl...
View Answer

The unemployment that results from the quantity of labor supplied exceeding the quantity demanded is called structural unemployment.

Correct Answer
verified

According to 2012 data on the U.S. population, which of the following groups of adults of prime working age (ages 25-54) had the lowest unemployment rate?

Correct Answer
verified

Which of the following is correct?

Correct Answer
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Which of the following is not correct?

Correct Answer
verified

The natural rate of unemployment is any type of unemployment that does not go away on its own even in the long run.

Correct Answer
verified

Correct Answer
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Table 28-11 2010 Labor Data for Tajnia -Refer to Table 28-11. The unemployment rate of Tajnia in 2010 is about 18.4 percent.

Correct Answer
verified

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

Correct Answer
verified

The Bureau of Labor Statistics defines marginally attached workers as persons who currently are neither working nor looking for work but indicate that they want and are available for a job and have looked for work sometime in the recent past.

Correct Answer
verified

Explain how the actions of labor unions generate greater unemployment.

Correct Answer
verified
Labor unions push wa...
View Answer

Right-to-work laws

Correct Answer
verified

Exam 28: Unemployment

If a union and a firm cannot reach an agreement on the terms of employment, then the union can organize a withdrawal of labor from the firm, called a strike.

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

The labor-force participation rate equals the percentage of the labor force that is either employed or unemployed.

Correct AnswerverifiedShow Answer

In an ideal labor market, wages would adjust to balance the quantity of labor supplied and the quantity of labor demanded, ensuring that all workers are always fully employed.

Correct AnswerverifiedShow Answer

If the minimum wage is currently above the equilibrium wage, then a decrease in the minimum wage

Correct AnswerverifiedShow Answer

The designation "natural" implies that the natural rate of unemployment

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following is not an explanation for the existence of structural unemployment?

Correct AnswerverifiedShow Answer

Provide a definition of the natural rate of unemployment.

Correct AnswerverifiedThe amount of unempl...View AnswerShow Answer

The unemployment that results from the quantity of labor supplied exceeding the quantity demanded is called structural unemployment.

Correct AnswerverifiedShow Answer

According to 2012 data on the U.S. population, which of the following groups of adults of prime working age (ages 25-54) had the lowest unemployment rate?

Correct AnswerverifiedShow Answer

Which of the following is correct?

Correct AnswerverifiedShow Answer

Which of the following is not correct?

Correct AnswerverifiedShow Answer

The natural rate of unemployment is any type of unemployment that does not go away on its own even in the long run.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Table 28-11 2010 Labor Data for Tajnia -Refer to Table 28-11. The unemployment rate of Tajnia in 2010 is about 18.4 percent.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The Bureau of Labor Statistics defines marginally attached workers as persons who currently are neither working nor looking for work but indicate that they want and are available for a job and have looked for work sometime in the recent past.

Correct AnswerverifiedShow Answer

Explain how the actions of labor unions generate greater unemployment.

Correct AnswerverifiedLabor unions push wa...View AnswerShow Answer

Right-to-work laws

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
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The amount of unempl...
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Labor unions push wa...
View Answer

Correct Answer
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