Question 1

Figure 28-3 
-Refer to Figure 28-3. If the government imposes a minimum wage of $4, how many workers will be employed?

Accepted Answer

A)  3,000
B)  4,000
C)  5,000
D)  7,000E) A) and B)
F) A) and C)

Question 2

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) A) and C)
F) B) and C)

Question 3

Structural unemployment is often thought to explain relatively long spells of unemployment.

Accepted Answer

A) True 
 B)False

Question 4

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

Accepted Answer

The answer of Figure 28-7 
-Refer to Figure 28-7. At...

Question 5

The Bureau of Labor Statistics produces data on unemployment and other aspects of the labor market from a regular survey of about 600 households, called the Current Population Survey.

Accepted Answer

A) True 
 B)False

Question 6

The Bureau of Labor Statistics counts discouraged workers as

Accepted Answer

A)  employed. Including them as employed makes the unemployment rate lower than otherwise.
B)  unemployed. Including them as unemployed makes the unemployment rate higher than otherwise.
C)  out of the labor force. If they were counted as unemployed the unemployment rate would be higher.
D)  None of the above is correct.E) All of the above
F) C) and D)

Question 7

Who is included in the labor force by the Bureau of Labor Statistics?

Accepted Answer

A)  Tina, who worked most of the week in a steel factory
B)  Kelly, who is temporarily laid off but expects to be recalled
C)  DJ, who does not have a job but is looking for work
D)  All of the above are correct.E) C) and D)
F) A) and B)

Question 8

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 participation rate in Meditor?

Accepted Answer

A)  37%
B)  63%
C)  66.7%
D)  96.3%E) None of the above
F) A) and C)

Question 9

People who report being unemployed but who, in fact, are working for "under the table" pay to avoid taxes on their earnings are really employed and therefore cause the reported unemployment rate to be higher than it would otherwise be.

Accepted Answer

A) True 
 B)False

Question 10

An American worker who becomes unemployed typically receives 100% of her former salary during the first six months she is unemployed.

Accepted Answer

A) True 
 B)False

Question 11

A labor union is similar to a __________.

Accepted Answer

The answer of A labor union is similar to a...

Question 12

Rupert is collecting unemployment insurance benefits. To continue to receive his benefits, he must be looking for work. Because he'd like to continue collecting benefits rather than take a job, he applies at places that are unlikely to hire him. People like Rupert make the reported unemployment rate less than it would otherwise be.

Accepted Answer

A) True 
 B)False

Question 13

According to 2014 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) B) and D)
F) None of the above

Question 14

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

Accepted Answer

teenagers, the least skilled m...

Question 15

If outsiders had more say in union contracts then it is likely that union wages would be

Accepted Answer

A)  higher so unemployment would be higher.
B)  higher so unemployment would be lower.
C)  lower so unemployment would be higher.
D)  lower so unemployment would be lower.E) A) and B)
F) B) and D)

Question 16

Suppose there are a large number of men who used to work or seek work who now no longer do either. Other things the same, this makes

Accepted Answer

A)  the number of people unemployed rise but does not change the labor force.
B)  the number of people unemployed rise but makes the labor force fall.
C)  both the number of people unemployed and the labor force fall.
D)  the number of people unemployed fall but does not change the labor force.E) A) and B)
F) All of the above

Question 17

Christopher is an unpaid, stay-at-home father who works as a volunteer at the local Habitat for Humanity chapter. Currently, Christopher is not looking for a paid job. The Bureau of Labor Statistics counts Christopher as

Accepted Answer

A)  unemployed and in the labor force.
B)  unemployed but not in the labor force.
C)  in the labor force but not unemployed.
D)  neither in the labor force nor unemployed.E) A) and D)
F) B) and C)

Question 18

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) B) and C)
F) A) and C)

Question 19

Other things the same, an increase in wages above their equilibrium level

Accepted Answer

A)  increases frictional unemployment but leaves the natural rate of unemployment unchanged.
B)  increases frictional unemployment and increases the natural rate of unemployment.
C)  increases structural unemployment but leaves the natural rate of unemployment unchanged.
D)  increases structural unemployment and increases the natural rate of unemployment.E) All of the above
F) A) and B)

Question 20

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 $7 in Productionville, how many people would be unemployed?

Accepted Answer

A)  0
B)  2,000
C)  5,000
D)  10,000E) None of the above
F) A) and D)

Exam 28: Unemployment and Its Natural Rate

The Bureau of Labor Statistics produces data on unemployment and other aspects of the labor market from a regular survey of about 600 households, called the Current Population Survey.

Correct Answer
verified

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 participation rate in Meditor?

Correct Answer
verified

According to 2014 data on the U.S. population, which of the following groups of teenagers (ages 16-19) had the highest unemployment rate?

Correct Answer
verified

An American worker who becomes unemployed typically receives 100% of her former salary during the first six months she is unemployed.

Correct Answer
verified

People who report being unemployed but who, in fact, are working for "under the table" pay to avoid taxes on their earnings are really employed and therefore cause the reported unemployment rate to be higher than it would otherwise be.

Correct Answer
verified

To maintain their standard of living, most people rely on

Correct Answer
verified

Christopher is an unpaid, stay-at-home father who works as a volunteer at the local Habitat for Humanity chapter. Currently, Christopher is not looking for a paid job. The Bureau of Labor Statistics counts Christopher as

Correct Answer
verified

Correct Answer
verified

Suppose there are a large number of men who used to work or seek work who now no longer do either. Other things the same, this makes

Correct Answer
verified

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

Correct Answer
verified
teenagers, the least skilled m...
View Answer

Other things the same, an increase in wages above their equilibrium level

Correct Answer
verified

The Bureau of Labor Statistics counts discouraged workers as

Correct Answer
verified

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

Correct Answer
verified

A labor union is similar to a __________.

Correct Answer
verified

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

Correct Answer
verified

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 $7 in Productionville, how many people would be unemployed?

Correct Answer
verified

Who is included in the labor force by the Bureau of Labor Statistics?

Correct Answer
verified

If outsiders had more say in union contracts then it is likely that union wages would be

Correct Answer
verified

Structural unemployment is often thought to explain relatively long spells of unemployment.

Correct Answer
verified

Figure 28-3 -Refer to Figure 28-3. If the government imposes a minimum wage of $4, how many workers will be employed?

Correct Answer
verified

Exam 28: Unemployment and Its Natural Rate

The Bureau of Labor Statistics produces data on unemployment and other aspects of the labor market from a regular survey of about 600 households, called the Current Population Survey.

Correct AnswerverifiedShow Answer

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 participation rate in Meditor?

Correct AnswerverifiedShow Answer

According to 2014 data on the U.S. population, which of the following groups of teenagers (ages 16-19) had the highest unemployment rate?

Correct AnswerverifiedShow Answer

An American worker who becomes unemployed typically receives 100% of her former salary during the first six months she is unemployed.

Correct AnswerverifiedShow Answer

People who report being unemployed but who, in fact, are working for "under the table" pay to avoid taxes on their earnings are really employed and therefore cause the reported unemployment rate to be higher than it would otherwise be.

Correct AnswerverifiedShow Answer

To maintain their standard of living, most people rely on

Correct AnswerverifiedShow Answer

Christopher is an unpaid, stay-at-home father who works as a volunteer at the local Habitat for Humanity chapter. Currently, Christopher is not looking for a paid job. The Bureau of Labor Statistics counts Christopher as

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Suppose there are a large number of men who used to work or seek work who now no longer do either. Other things the same, this makes

Correct AnswerverifiedShow Answer

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

Correct Answerverifiedteenagers, the least skilled m...View AnswerShow Answer

Other things the same, an increase in wages above their equilibrium level

Correct AnswerverifiedShow Answer

The Bureau of Labor Statistics counts discouraged workers as

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

A labor union is similar to a __________.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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 $7 in Productionville, how many people would be unemployed?

Correct AnswerverifiedShow Answer

Who is included in the labor force by the Bureau of Labor Statistics?

Correct AnswerverifiedShow Answer

If outsiders had more say in union contracts then it is likely that union wages would be

Correct AnswerverifiedShow Answer

Structural unemployment is often thought to explain relatively long spells of unemployment.

Correct AnswerverifiedShow Answer

Figure 28-3 -Refer to Figure 28-3. If the government imposes a minimum wage of $4, how many workers will be employed?

Correct AnswerverifiedShow Answer

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teenagers, the least skilled m...
View Answer

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