FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 28: Unemployment and Its Natural Rate

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 121

True/False

Review LaterAdd Note

Review Later

Frictional unemployment is inevitable because the economy is always changing.

A) True
B) False

Correct Answer

verified

Show Answer

Question 122

True/False

Review LaterAdd Note

Review Later

Measuring unemployment is the job of the Bureau of Labor Statistics.

A) True
B) False

Correct Answer

verified

Show Answer

Question 123

Multiple Choice

Review LaterAdd Note

Providing training for unemployed individuals is primarily intended to reduce

Consider two people who are currently out of work. Tim is not looking for work because there have been many job cuts where he lives, and he doesn't think it likely that he will find work. Bev is not currently looking for work, but she would like a job, and she has looked for work in the past. The Bureau of Labor Statistics considers

The Bureau of Labor Statistics' U-5 measure of joblessness includes marginally attached workers.

Suppose that some country had an adult population of about 59 million, a labor-force participation rate of 72.9 percent, and an unemployment rate of 2.3 percent. How many people were employed?

Critics of government-run employment agencies and public training programs argue that the private market is better at matching workers and jobs than the government is.

Some degree of unemployment is inevitable in a complex economy.

The adult population must equal the sum of the employed, the unemployed, and those not in the labor force.

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

Within the U.S. population, blacks of prime working age (ages 25-54) have higher rates of unemployment than whites of prime working age (ages 25-54), regardless of gender.

Table 28-3 ​ ​ $\begin{array} { | l | l | } \hline \text { Civilian labor force } & 100 \text { million } \\\hline \text { Persons unemployed } 15 \text { weeks or longer } & 1.6 \text { million } \\\hline \text { Job losers and persons who have completed temporary jobs (excludes job leavers) } & 3.1 \text { million } \\\hline \text { Total unemployed } & 6.2 \text { million } \\\hline \text { Total unemployed plus discouraged workers } & 7.0 \text { million } \\\hline \text { Total unemployed plus all marginally attached workers } & 8.1 \text { million } \\\hline \text { Total unemployed plus all marginally attached workers plus total employed part-time } & 9.2 \text { million } \\\text { for economic reasons } & \\\hline\end{array}$ -Refer to Table 28-3. What is the U-3 measure of labor underutilization?

More than three-fourths of the unemployed are recent entrants into the labor force.

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

One explanation for long-run unemployment is that it takes time for workers to search for the jobs that are best suited for them.

Most economists agree that eliminating unemployment insurance would increase the nation's overall level of well-being.

Data on the unemployment rate in the U.S. since 1960 show that the economy always has some unemployment and that the amount changes from year to year.

Like any cartel, a union is a group of sellers acting together in the hope of exerting their joint market power.

Minimum wages are the predominant reason for unemployment in the U.S. economy.

Minimum-wage laws are one reason there is always some unemployment in the U.S. economy.