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Exam 15: Unemployment

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Question 211

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In 2009, the U.S. natural rate of unemployment was estimated to be 5.0 percent, which at the time was close to the actual rate of unemployment of 9.3 percent.

A) True
B) False

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Question 212

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

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

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Question 213

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The Bureau of Labor Statistics defines discouraged workers as marginally attached workers who have given a job-market related reason for not currently looking for a job.

There is no easy way for policymakers to reduce the economy's natural rate of unemployment.

Frictional unemployment is thought to explain

A typical American worker covered by unemployment insurance receives 50 percent of his former wages for 52 weeks.

Adults who were waiting to be recalled to a job from which they had been laid off are included in the Bureau of Labor Statistics' "employed" category.

The Bureau of Labor Statistics places people in the "employed" category if they

Juanita decides to hire some additional workers for her vinyl siding factory. The equilibrium wage is $14 per hour. Efficiency wage theory suggests that it is reasonable for Juanita to offer

If the minimum wage is currently above the equilibrium wage, then a decrease in the minimum wage

Table 15-4 $\begin{array}{|l|l|}\hline \text { Civilian labor force } & 100 \text { million } \\\hline \text { Persons unemployed } 15 \text { weeks or longer } & 1.6 \text { million } \\\hline \text { Job losers and persons who have completed temporary jobs (excludes job leavers) } & 3.1 \text { million } \\\hline \text { Total unemployed } & 6.2 \text { million } \\\hline \text { Total unemployed plus discouraged workers } & 7.0 \text { million } \\\hline \text { Total unemployed plus all marginally attached workers } & 8.1 \text { million } \\\hline \begin{array}{l}\text { Total unemployed plus all marginally attached workers plus total employed part-time for } \\\text { economic reasons }\end{array} & 9.2 \text { million } \\\hline\end{array}$ -Refer to Table 15-4. What is the U-6 measure of labor underutilization?

When a minimum-wage law forces the wage to remain above the level that balances supply and demand, it

The process by which unions and firms agree on the terms of employment is called collective bargaining.

Suppose that grocery clerks and nurses are not unionized. If the nurses unionize, then

Arnold quit his job because he was unhappy at work. Michael was fired because he frequently came to work late. Who is eligible for unemployment insurance benefits?

Table 15-3 2010 Labor Data for Adults (age 16 and older) in Meditor $\begin{array} { | l | l | } \hline \text { Males not in labar farce } & 45 \text { million } \\\hline \text { Femeles nat in labor force } & 35 \text { million } \\\hline \text { Males unemplayed } & 5 \text { millian } \\\hline \text { Fenales unemployed } & 5 \text { millian } \\\hline \text { Males employed } & 85 \text { million } \\\hline \text { Fenales enployed } & 65 \text { milling } \\\hline\end{array}$ -Refer to Table 15-3. What is the adult labor-force participation rate in Meditor?

The natural rate of unemployment refers to the current unemployment rate.

Government-run employment agencies and public training programs are operated by the government to try to facilitate job search and reduce unemployment.

President Bigego is running for re-election against Senator Pander. Bigego proclaims that more people are working now than when he took office. Pander says that the unemployment rate is higher now than when Bigego took office. You conclude that

The Bureau of Labor Statistics' U-4 measure of joblessness includes discouraged workers.