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Exam 28: Unemployment

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Question 31

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Figure 28-3 -Refer to Figure 28-3. If the government imposes a minimum wage of $8, then how many workers will be employed?

A) 3,000
B) 4,000
C) 5,000
D) 7,000

E) B) and D)
F) A) and B)

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Question 32

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Figure 28-7 -Refer to Figure 28-7. If the minimum wage is equal to $125, what is the quantity of labor supplied, the quantity of labor demanded, and number unemployed?

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Labor supplied is 35...

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Question 33

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Collective bargaining refers to

Minimum-wage laws are least likely to affect the wages paid to

Table 28-1 Sample Population -Refer to Table 28-1. How many in the sample are in the labor force?

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

Adam is looking for a job in marketing. He has had some offers and his prospects are promising, but he has not yet accepted a job. Amanda lost her job working for Mercury Bicycles because many customers decided they prefer bicycles manufactured by Ultimate Bicycles instead. Who is frictionally unemployed?

In the U.S., the National Labor Relations Board is the government agency that enforces workers' right to unionize.

The labor force equals the sum of the employed and the unemployed.

Frictional unemployment is often thought to explain relatively short spells of unemployment.

Minimum wage laws help explain the natural rate of unemployment if they create a surplus in any labor market.

According to the theory of efficiency wages, if a firm stops paying efficiency wages it is likely to see a(n)

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. How many people are unemployed?

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?

Who of the following is counted as "unemployed" by the Bureau of Labor Statistics?

The Bureau of Labor Statistics' U­1 measure of joblessness is smaller than its U­6 measure of joblessness.

An economist claims that changes in information technology and unemployment insurance have reduced unemployment. Which of these changes affect frictional unemployment?

Buddy is the owner of a firm that bottles beer in St. Louis, Missouri. There are many other such firms in the area. Buddy decides that if he pays his workers a wage higher than the going market wage, his profits will increase. Which of the following is a likely explanation for his decision?

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.

The Bureau of Labor Statistics produces data on unemployment and other aspects of the labor market from a regular survey of households called the