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Which of the following is the correct formula for calculating the unemployment rate?


A) Which of the following is the correct formula for calculating the unemployment rate? A) B) C) D)
B) Which of the following is the correct formula for calculating the unemployment rate? A) B) C) D)
C) Which of the following is the correct formula for calculating the unemployment rate? A) B) C) D)
D) Which of the following is the correct formula for calculating the unemployment rate? A) B) C) D)

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

Correct Answer

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Frictional unemployment is


A) not inevitable; rather, it can be reduced to zero by well-designed public policies.
B) not inevitable; rather, it could be reduced to zero if by the elimination of unemployment insurance.
C) inevitable, because at any given time, jobs are being created in some firms and destroyed in other firms.
D) inevitable, because in some industries, wages are always set above the level that brings supply and demand into equilibrium.

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

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Which of the following is correct?


A) In unionized industries, wages are above the level that would prevail in competitive markets.
B) The introduction of a union in some industry reduces the quantity of labor demanded in that industry, causes some workers in that industry to be unemployed, and reduces wages in the rest of the economy.
C) Critics argue that the allocation of labor resulting from unions is both inefficient and inequitable.
D) All of the above are correct.

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

Correct Answer

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Table 28-8 Below is data about the labor market in the state of Northwoods. Table 28-8 Below is data about the labor market in the state of Northwoods. -Refer to Table 28-8. If the state government imposed a minimum wage of $8, how many people would be unemployed? A) 0 B) 10,000 C) 20,000 D) 40,000 -Refer to Table 28-8. If the state government imposed a minimum wage of $8, how many people would be unemployed?


A) 0
B) 10,000
C) 20,000
D) 40,000

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

Correct Answer

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Table 28-3 2009 Labor Data for Baltivia Table 28-3 2009 Labor Data for Baltivia -Refer to Table 28-3. What was Baltivia's unemployment rate in 2009? A) 8.0% B) 12.7% C) 15.9% D) 22.1% -Refer to Table 28-3. What was Baltivia's unemployment rate in 2009?


A) 8.0%
B) 12.7%
C) 15.9%
D) 22.1%

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

Correct Answer

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The amount of unemployment varies little over time and across countries.

A) True
B) False

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Figure 28-4 Figure 28-4 -Refer to Figure 28-4. If 4,000 workers are unemployed, then the minimum wage must be A) $2. B) $4. C) $5. D) $6. -Refer to Figure 28-4. If 4,000 workers are unemployed, then the minimum wage must be


A) $2.
B) $4.
C) $5.
D) $6.

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

Correct Answer

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Unemployment insurance increases frictional unemployment.

A) True
B) False

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Table 28-2 Labor Data for Aridia Table 28-2 Labor Data for Aridia -Refer to Table 28-2. The labor force of Aridia A) increased both from 2010 to 2011 and from 2011 to 2012. B) increased from 2010 to 2011 but decreased from 2011 to 2012. C) decreased from 2010 to 2011 but increased from 2011 to 2012. D) decreased both from 2010 to 2011 and from 2011 to 2012. -Refer to Table 28-2. The labor force of Aridia


A) increased both from 2010 to 2011 and from 2011 to 2012.
B) increased from 2010 to 2011 but decreased from 2011 to 2012.
C) decreased from 2010 to 2011 but increased from 2011 to 2012.
D) decreased both from 2010 to 2011 and from 2011 to 2012.

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

Correct Answer

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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) All of the above

Correct Answer

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A survey showed that in each of the past 12 months there was one person who was unemployed who worked in all other months. There were also two people who were unemployed for all 12 months. What percentage of the unemployment spells during the year was short term, and what percentage of the unemployment in a given month was long term?


A) 75% was short term; 33.3% was long term
B) 75% was short term; 66.7% was long term
C) 85.7% was short term; 33.3% was long term
D) 85.7% was short term; 66.7% was long term

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

Correct Answer

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Which of the following is an example of an efficiency wage?


A) a higher wage paid to a more experienced worker
B) a below-equilibrium wage paid by a small business exempt from minimum-wage laws
C) an above-equilibrium wage paid by a firm to reduce turnover costs
D) a wage tied to participation in a government-sponsored job training program

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

Correct Answer

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Over the past several decades, the difference between the labor-force participation rates of men and women in the U.S. has gradually increased.

A) True
B) False

Correct Answer

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The natural unemployment rate includes


A) both frictional and structural unemployment.
B) neither frictional nor structural unemployment.
C) structural but not frictional unemployment.
D) frictional but not structural unemployment.

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

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Critics of unions argue that unions cause the allocation of labor to be inefficient and inequitable.

A) True
B) False

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Which of the following is not correct?


A) A union is a worker association that bargains with employers over wages, benefits, and working conditions.
B) Unions play a much larger role in the U.S. labor market now than they did in the past.
C) Unions play a large role in many European countries.
D) A union is a type of cartel.

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

Correct Answer

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The labor-force participation rate equals the percentage of the total adult population that is in the labor force.

A) True
B) False

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Wanda quit her job because she was unhappy at work. Arnold was fired from his landscaping job because his company was downsizing. Who is eligible for unemployment insurance benefits?


A) both Wanda and Arnold
B) Wanda but not Arnold
C) Arnold but not Wanda
D) neither Wanda nor Arnold

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

Correct Answer

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Which of the following do unions not cause?


A) frictional unemployment
B) the wage to rise above the equilibrium level
C) conflict between insiders who benefit from high union wages and outsiders who do not get the union jobs
D) reduced wages in industries without unions

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

Correct Answer

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Frictional unemployment results from


A) job searching. It is often thought to explain relatively short spells of unemployment.
B) job searching. It is often thought to explain relatively long spells of unemployment
C) a surplus in the some labor markets. It is often thought to explain relatively short spells of unemployment.
D) a surplus in some labor markets. It is often thought to explain relatively long spells of unemployment.

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

Correct Answer

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