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Exam 15: Unemployment

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Question 341

Multiple Choice

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In the early 1900s, Henry Ford introduced a

A) high-wage policy, and this policy produced many of the effects predicted by efficiency-wage theory.
B) high-wage policy, and this policy produced none of the effects predicted by efficiency-wage theory.
C) low-wage policy, and this policy produced many of the effects predicted by efficiency-wage theory.
D) low-wage policy, and this policy produced none of the effects predicted by efficiency-wage theory.

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

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Question 342

Multiple Choice

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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?

A) Adam but not Amanda
B) Amanda but not Adam
C) both Adam and Amanda
D) neither Amanda nor Adam

E) A) and C)
F) All of the above

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Question 343

Essay

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

Every week, the Bureau of Labor Statistics produces data on unemployment.

Minimum wages create unemployment in markets where they create a

Unions

Table 28-2 Labor Data for Aridia -Refer to Table 28-2. The labor force of Aridia in 2011 was

Suppose that some country had an adult population of about 46 million, a labor-force participation rate of 75 percent, and an unemployment rate of 8 percent. How many people were employed?

Jenna is searching for a job that suits her tastes about where to live. Mary is looking for a job that makes best use of her skills.

Amy is working part-time. Tavaris is on temporary layoff. Who is included in the Bureau of Labor Statistics' "employed" category?

The demand for labor by a certain firm is independent of the demand for that firm's product.

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

If the minimum wage were currently above the equilibrium wage, then a decrease in the minimum wage that kept it above the equilibrium wage would

The Bureau of Labor Statistics computes unemployment rates for the entire adult population and for more narrowly defined groups.

A firm might offer efficiency wages in order to attract a better pool of applicants.

Table 28-10 The table below lists the number of people by labor force classification for the country of Springfield. -Refer to Table 28-10. Calculate the number in the labor force, and the unemployment rate.

Causes of the decline in the U.S. men's labor­force participation rate over the past several decades include young men now staying in school longer than their fathers and grandfathers did, older men now retiring earlier and living longer, and more fathers now staying at home to raise their children.

Figure 28-3 -Refer to Figure 28-3. If the government imposes a minimum wage of $4, then employment will decrease by

In 2009, based on concepts similar to those used to estimate U.S. employment figures, the Italian adult non- institutionalized population was 51.070 million, the labor force was 24.710 million, and the number of people employed was 22.765 million. According to these numbers, the Italian labor-force participation rate and unemployment rate were about

Suppose that an anti-smoking campaign in Moscow, Russia, is successful so that Muscovites smoke less and chew gum more. Tobacco companies lay off workers, while chewing gum manufacturers employ more workers. This is an example of