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Exam 15: Unemployment

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Question 251

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Figure 28-5 -Refer to Figure 28-5. If the minimum wage is set at $125, then

A) the quantity of labor demanded will equal 20.
B) the quantity of labor supplied will equal 35.
C) the surplus of labor will equal 25.
D) unemployment will equal 10.

E) None of the above
F) A) and B)

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Question 252

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Suppose that florists and landscape workers are not unionized. If florists unionize, then the wages of

A) florists will rise, and the wages of landscape workers will fall.
B) florists will fall, and the wages of landscape workers will rise.
C) both florists and landscape workers will rise.
D) both florists and landscape workers will fall.

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

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Question 253

Multiple Choice

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The Bureau of Labor Statistics produces data on

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

Adults who are waiting to be recalled to a job from which they had been laid off are counted as "unemployed."

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

Suppose that the adult population is 4 million, the number of unemployed is 0.25 million, and the labor-force participation rate is 75%. What is the unemployment rate?

Some degree of unemployment is in a complex economy.

The natural rate of unemployment i) is the economy's desirable level of unemployment. Ii) arises from a single problem that has a single solution. Iii) is the amount of unemployment that does not go away on its own.

Which of the following is correct?

Who would be included in the labor force?

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

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?

The unemployment rate equals the percentage of the adult population that is unemployed.

Table 28-6 -Refer to Table 28-6. What is the U-2 measure of labor underutilization?

Only paid workers are included in the Bureau of Labor Statistics' "employed" category.

The Bureau of Labor Statistics is part of the U.S. Department of

When a union bargains successfully with employers, in that industry,

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

The Bureau of Labor Statistics' "employed" category includes those who worked as paid employees, worked in their own business, or worked as unpaid workers in a family member's business.