Question 1

Most spells of unemployment are short, and most unemployment observed at any given time is long-term.

Accepted Answer

A) True 
 B)False

Question 2

Table 28-2
Labor Data for Aridia
 
-Refer to Table 28-2. The unemployment rate of Aridia in 2012 was

Accepted Answer

A)   6.25%.
B)   11.1%.
C)   12.5%.
D)   56.25%.E) B) and C)
F) C) and D)

Question 3

The normal rate of unemployment around which the unemployment rate fluctuates is called the natural rate of unemployment.

Accepted Answer

A) True 
 B)False

Question 4

Data on the unemployment rate in the U.S. since 1960 show that the unemployment rate sometimes is close to zero.

Accepted Answer

A) True 
 B)False

Question 5

Most spells of unemployment are short, and most unemployment observed at any given time is long term. How can this be?

Accepted Answer

Most unemployed people in the economy ar...

Question 6

A century ago, the four industries with the largest employment in the United States were cotton goods, woolen goods, men's clothing, and lumber.

Accepted Answer

A) True 
 B)False

Question 7

To maintain their standard of living, most people rely on

Accepted Answer

A)   government assistance.
B)   their personal savings.
C)   their labor earnings.
D)   rental income.E) A) and B)
F) B) and C)

Question 8

Suppose that the adult population in the country of Atlantis is 115 million. If 80 million people are employed and 5 million are unemployed, then

Accepted Answer

A)   30 million are not in the labor force.
B)   35 million are in the labor force.
C)   75 million are in the labor force.
D)   35 million are not in the labor force.E) A) and D)
F) C) and D)

Question 9

A typical American worker covered by unemployment insurance receives

Accepted Answer

A)   50 percent of his former wages for 26 weeks.
B)   50 percent of his former wages for 52 weeks.
C)   100 percent of his former wages for 26 weeks.
D)   100 percent of his former wages for 52 weeks.E) A) and C)
F) All of the above

Question 10

The introduction of a union into an industry creates a

Accepted Answer

A)   surplus of labor and so raises unemployment.
B)   surplus of labor and so reduces unemployment.
C)   shortage of labor and so raises unemployment.
D)   shortage of labor and so reduces unemployment.E) A) and B)
F) A) and C)

Question 11

Suppose that the adult population in the town of Springfield is 225 million. If 40 million are unemployed and 100 million are employed, then the unemployment rate is approximately

Accepted Answer

A)   29%.
B)   18%.
C)   24%.
D)   6%.E) All of the above
F) C) and D)

Question 12

If all workers and all jobs were the same such that all workers were equally well suited for all jobs, then job search would not be a problem.

Accepted Answer

A) True 
 B)False

Question 13

Table 28-2
Labor Data for Aridia
 
-Refer to Table 28-2. The labor-force participation rate of Aridia in 2012 was

Accepted Answer

A)   50%.
B)   53.3%.
C)   56.25%.
D)   88.9%.E) None of the above
F) A) and B)

Question 14

Some degree of unemployment is in a complex economy.

Accepted Answer

The answer of Some degree of unemployment is in a...

Question 15

Both full­time and part­time workers are included in the Bureau of Labor Statistics' "employed" category.

Accepted Answer

A) True 
 B)False

Question 16

Most economists believe unions are bad for the economy as a whole.

Accepted Answer

A) True 
 B)False

Question 17

Minimum-wage laws can keep wages

Accepted Answer

A)   above equilibrium and cause a surplus of labor.
B)   above equilibrium and cause a shortage of labor.
C)   below equilibrium and cause a surplus of labor.
D)   below equilibrium and cause a shortage of labor.E) A) and B)
F) None of the above

Question 18

The efficiency-wage theory of worker turnover suggests that firms with higher turnover will have

Accepted Answer

A)   higher production costs and higher profits.
B)   higher production costs and lower profits.
C)   lower production costs and higher profits.
D)   lower production costs and lower profits.E) B) and C)
F) A) and D)

Question 19

Table 28-9
The table below lists the number of people by labor force classification for the country of Shelbyville.
 
-Refer to Table 28-9. What is the labor force participation rate?

Accepted Answer

The answer of Table 28-9
The table below lists the number...

Question 20

Within the U.S. population, women of prime working age ages 25-54) have higher rates of unemployment than men of prime working age ages 25-54), regardless of race.

Accepted Answer

A) True 
 B)False

Exam 10: Unemployment and Its Natural Rate

Most economists believe unions are bad for the economy as a whole.

Correct AnswerverifiedShow Answer

The normal rate of unemployment around which the unemployment rate fluctuates is called the natural rate of unemployment.

Correct AnswerverifiedShow Answer

Data on the unemployment rate in the U.S. since 1960 show that the unemployment rate sometimes is close to zero.

Correct AnswerverifiedShow Answer

To maintain their standard of living, most people rely on

Correct AnswerverifiedShow Answer

Suppose that the adult population in the town of Springfield is 225 million. If 40 million are unemployed and 100 million are employed, then the unemployment rate is approximately

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A typical American worker covered by unemployment insurance receives

Correct AnswerverifiedShow Answer

If all workers and all jobs were the same such that all workers were equally well suited for all jobs, then job search would not be a problem.

Correct AnswerverifiedShow Answer

Table 28-2 Labor Data for Aridia -Refer to Table 28-2. The labor-force participation rate of Aridia in 2012 was

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Most spells of unemployment are short, and most unemployment observed at any given time is long-term.

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Most spells of unemployment are short, and most unemployment observed at any given time is long term. How can this be?

Correct AnswerverifiedMost unemployed people in the economy ar...View AnswerShow Answer

Some degree of unemployment is in a complex economy.

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A century ago, the four industries with the largest employment in the United States were cotton goods, woolen goods, men's clothing, and lumber.

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Table 28-9 The table below lists the number of people by labor force classification for the country of Shelbyville. -Refer to Table 28-9. What is the labor force participation rate?

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The efficiency-wage theory of worker turnover suggests that firms with higher turnover will have

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Both full­time and part­time workers are included in the Bureau of Labor Statistics' "employed" category.

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Table 28-2 Labor Data for Aridia -Refer to Table 28-2. The unemployment rate of Aridia in 2012 was

Correct AnswerverifiedShow Answer

The introduction of a union into an industry creates a

Correct AnswerverifiedShow Answer

Within the U.S. population, women of prime working age ages 25-54) have higher rates of unemployment than men of prime working age ages 25-54), regardless of race.

Correct AnswerverifiedShow Answer

Minimum-wage laws can keep wages

Correct AnswerverifiedShow Answer

Suppose that the adult population in the country of Atlantis is 115 million. If 80 million people are employed and 5 million are unemployed, then

Correct AnswerverifiedShow Answer

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Most unemployed people in the economy ar...
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Both fulltime and parttime workers are included in the Bureau of Labor Statistics' "employed" category.

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