Question 1

Table 15-1
Labor Data for Aridia
   Year 201020112012 Adult population 200030003200 Number of emplayed 140013001600 Number of unemplayed 200600200\begin{array} { | l | c | c | c | } \hline 	ext { Year } & \mathbf { 2 0 1 0 } & \mathbf { 2 0 1 1 } & \mathbf { 2 0 1 2 } \\hline 	ext { Adult population } & 2000 & 3000 & 3200 \\hline 	ext { Number of emplayed } & 1400 & 1300 & 1600 \\hline 	ext { Number of unemplayed } & 200 & 600 & 200 \\hline\end{array} Year  Adult population  Number of emplayed  Number of unemplayed ​201020001400200​201130001300600​201232001600200​​ 
-Refer to Table 15-1. The labor-force participation rate of Aridia in 2011 was

Accepted Answer

A)  43.3%.
B)  54.2%.
C)  63.3%.
D)  68.4%. E) All of the above
F) C) and D)

Question 2

When a country keeps its workers as fully employed as possible, it achieves a higher level of GDP than if many of its workers were idle.

Accepted Answer

A) True 
 B)False

Question 3

When a union raises the wage above the equilibrium level, it

Accepted Answer

A)  reduces both the quantity of labor supplied and the quantity of labor demanded.
B)  reduces the quantity of labor supplied and raises the quantity of labor demanded.
C)  raises the quantity of labor supplied and reduces the quantity of labor demanded.
D)  raises both the quantity of labor supplied and the quantity of labor demanded.E) A) and C)
F) B) and C)

Question 4

Which of the following is not a reason economies experience structural unemployment?

Accepted Answer

A)  job search
B)  unions
C)  minimum-wage laws
D)  efficiency wagesE) A) and B)
F) B) and C)

Question 5

The Bureau of Labor Statistics' household survey and establishment survey both yield the same results about total employment.

Accepted Answer

A) True 
 B)False

Question 6

Advocates of government-run employment agencies and public training programs believe they make job search more efficient.

Accepted Answer

A) True 
 B)False

Question 7

Suppose that furniture factory worker are unionized. If these workers decide not to be unionized,

Accepted Answer

A)  the quantity of furniture factory workers demanded will rise. The supply of workers in other industries will also rise.
B)  the quantity of furniture factory workers demanded will rise. The supply of workers in other industries will fall.
C)  the quantity of furniture factory workers demanded will fall. The supply of workers in other industries will rise.
D)  the quantity of furniture factory workers demanded will fall. The supply of workers in other industries will also fall.E) All of the above
F) C) and D)

Question 8

Which of the following is not a reason that paying efficiency wages may increase a firm's profit?

Accepted Answer

A)  Efficiency wages increase worker health and therefore increase worker productivity.
B)  Efficiency wages decrease worker turnover and therefore decrease hiring and training costs.
C)  Efficiency wages decrease worker shirking and therefore increase worker productivity.
D)  Efficiency wages are below the equilibrium wage rate, but still attract a sufficient number of workers.E) A) and C)
F) A) and D)

Question 9

According to 2009 data on the U.S. population, which of the following groups of teenagers (ages 16-19)  had the lowest labor-force participation rate?

Accepted Answer

A)  white males
B)  white females
C)  black males
D)  black femalesE) A) and B)
F) None of the above

Question 10

Unemployment that results because the number of jobs available in some labor markets may be insufficient to give a job to everyone who wants one is called

Accepted Answer

A)  the natural rate of unemployment.
B)  cyclical unemployment.
C)  structural unemployment.
D)  frictional unemployment.E) B) and D)
F) A) and C)

Question 11

A union is a type of cartel.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following both make a firm more likely to pay efficiency wages?

Accepted Answer

A)  it is easy to judge the quality of applicants and after workers have worked for the firm a while they tend not to look for other jobs
B)  it is easy to judge the quality of applicants and after workers have worked for the firm a while they tend to look for other jobs
C)  it is difficult to judge the quality of applicants and after workers have worked for the firm a while they tend not to look for other jobs
D)  it is difficult to judge the quality of applicants and after workers have worked for the firm a while they tend to look for other jobsE) None of the above
F) A) and D)

Question 13

Jill does not currently have a job, but has applied for several jobs in the previous week. Ken is an unpaid stay-at-home dad who has not searched for work in recent years. Who does the BLS count as out of the labor force?

Accepted Answer

A)  Jill but not Ken
B)  Ken but not Jill
C)  Jill and Ken
D)  neither Jill nor KenE) C) and D)
F) A) and C)

Question 14

Efficiency wages create structural unemployment.

Accepted Answer

A) True 
 B)False

Question 15

Bob is looking for work after school, but everywhere he fills out an application, the managers say they always have a lot more applications than open positions. Tom has a law degree. Several firms have made him offers, but he thinks he might be able to find a firm where his talents could be put to better use.

Accepted Answer

A)  Bob and Tom are both frictionally unemployed.
B)  Bob and Tom are both structurally unemployed.
C)  Bob is frictionally unemployed, and Tom is structurally unemployed.
D)  Bob is structurally unemployed, and Tom is frictionally unemployed.E) None of the above
F) B) and D)

Question 16

Suppose that there is an excess supply of economics professors. Should universities necessarily reduce salaries? What does standard economic theory suggest? What does efficiency-wage theory suggest?

Accepted Answer

Standard economic theory suggests that i...

Question 17

The Bureau of Labor Statistics produces data on

Accepted Answer

A)  unemployment.
B)  types of employment.
C)  length of the average workweek.
D)  All of the above are correct.E) B) and D)
F) All of the above

Question 18

Retirees are included in the Bureau of Labor Statistics' "not in the labor force" category.

Accepted Answer

A) True 
 B)False

Question 19

Recent entrants into the labor force account for about

Accepted Answer

A)  1/5 of those who are unemployed.
B)  1/4 of those who are unemployed.
C)  1/3 of those who are unemployed.
D)  1/2 of those who are unemployed.E) A) and D)
F) C) and D)

Question 20

Suppose some country had an adult population of about 25 million, a labor-force participation rate of 60 percent, and an unemployment rate of 6 percent. How many people were unemployed?

Accepted Answer

A)  0.846 million
B)  0.9 million
C)  1.5 million
D)  6 millionE) C) and D)
F) All of the above

Exam 15: Unemployment

Advocates of government-run employment agencies and public training programs believe they make job search more efficient.

Correct Answer
verified

Correct Answer
verified

Which of the following is not a reason that paying efficiency wages may increase a firm's profit?

Correct Answer
verified

Suppose some country had an adult population of about 25 million, a labor-force participation rate of 60 percent, and an unemployment rate of 6 percent. How many people were unemployed?

Correct Answer
verified

Suppose that furniture factory worker are unionized. If these workers decide not to be unionized,

Correct Answer
verified

Correct Answer
verified

Retirees are included in the Bureau of Labor Statistics' "not in the labor force" category.

Correct Answer
verified

Recent entrants into the labor force account for about

Correct Answer
verified

When a union raises the wage above the equilibrium level, it

Correct Answer
verified

The Bureau of Labor Statistics produces data on

Correct Answer
verified

Which of the following both make a firm more likely to pay efficiency wages?

Correct Answer
verified

According to 2009 data on the U.S. population, which of the following groups of teenagers (ages 16-19) had the lowest labor-force participation rate?

Correct Answer
verified

Efficiency wages create structural unemployment.

Correct Answer
verified

A union is a type of cartel.

Correct Answer
verified

Unemployment that results because the number of jobs available in some labor markets may be insufficient to give a job to everyone who wants one is called

Correct Answer
verified

The Bureau of Labor Statistics' household survey and establishment survey both yield the same results about total employment.

Correct Answer
verified

Jill does not currently have a job, but has applied for several jobs in the previous week. Ken is an unpaid stay-at-home dad who has not searched for work in recent years. Who does the BLS count as out of the labor force?

Correct Answer
verified

When a country keeps its workers as fully employed as possible, it achieves a higher level of GDP than if many of its workers were idle.

Correct Answer
verified

Which of the following is not a reason economies experience structural unemployment?

Correct Answer
verified

Suppose that there is an excess supply of economics professors. Should universities necessarily reduce salaries? What does standard economic theory suggest? What does efficiency-wage theory suggest?

Correct Answer
verified
Standard economic theory suggests that i...
View Answer

Exam 15: Unemployment

Advocates of government-run employment agencies and public training programs believe they make job search more efficient.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Which of the following is not a reason that paying efficiency wages may increase a firm's profit?

Correct AnswerverifiedShow Answer

Suppose some country had an adult population of about 25 million, a labor-force participation rate of 60 percent, and an unemployment rate of 6 percent. How many people were unemployed?

Correct AnswerverifiedShow Answer

Suppose that furniture factory worker are unionized. If these workers decide not to be unionized,

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Retirees are included in the Bureau of Labor Statistics' "not in the labor force" category.

Correct AnswerverifiedShow Answer

Recent entrants into the labor force account for about

Correct AnswerverifiedShow Answer

When a union raises the wage above the equilibrium level, it

Correct AnswerverifiedShow Answer

The Bureau of Labor Statistics produces data on

Correct AnswerverifiedShow Answer

Which of the following both make a firm more likely to pay efficiency wages?

Correct AnswerverifiedShow Answer

According to 2009 data on the U.S. population, which of the following groups of teenagers (ages 16-19) had the lowest labor-force participation rate?

Correct AnswerverifiedShow Answer

Efficiency wages create structural unemployment.

Correct AnswerverifiedShow Answer

A union is a type of cartel.

Correct AnswerverifiedShow Answer

Unemployment that results because the number of jobs available in some labor markets may be insufficient to give a job to everyone who wants one is called

Correct AnswerverifiedShow Answer

The Bureau of Labor Statistics' household survey and establishment survey both yield the same results about total employment.

Correct AnswerverifiedShow Answer

Jill does not currently have a job, but has applied for several jobs in the previous week. Ken is an unpaid stay-at-home dad who has not searched for work in recent years. Who does the BLS count as out of the labor force?

Correct AnswerverifiedShow Answer

When a country keeps its workers as fully employed as possible, it achieves a higher level of GDP than if many of its workers were idle.

Correct AnswerverifiedShow Answer

Which of the following is not a reason economies experience structural unemployment?

Correct AnswerverifiedShow Answer

Suppose that there is an excess supply of economics professors. Should universities necessarily reduce salaries? What does standard economic theory suggest? What does efficiency-wage theory suggest?

Correct AnswerverifiedStandard economic theory suggests that i...View AnswerShow Answer

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Correct Answer
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Correct Answer
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Correct Answer
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Standard economic theory suggests that i...
View Answer