Question 1

In 2009, based on concepts similar to those used to estimate U.S. employment figures, the Swedish adult non- institutionalized population was 7.568 million, the labor force was 4.888 million, and the number of people employed was 4.486 million. According to these numbers, the Swedish labor-force participation rate and unemployment rate were about

Accepted Answer

A)   64.6% and 8.2%.
B)   64.6% and 5.3%.
C)   59.3% and 8.2%.
D)   59.3% and 5.3%.E) A) and D)
F) All of the above

Question 2

According to 2012 data on the U.S. population, which of the following was correct for the adult population of prime working age, ages 25-54?

Accepted Answer

A)   Black females had higher labor-force participation rates and lower unemployment rates compared to white females.
B)   Black females had similar labor-force participation rates and higher unemployment rates compared to white females.
C)   Black females had both lower labor-force participation rates and lower unemployment rates compared to white females.
D)   Black females had lower labor-force participation rates and higher unemployment rates compared to white females.E) B) and C)
F) None of the above

Question 3

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 4

Adults who were not working but who had jobs from which they were temporarily absent are included in the Bureau of Labor Statistics' "employed" category.

Accepted Answer

A) True 
 B)False

Question 5

Minimum-wage laws matter most for the least skilled and least experienced members of the labor force, such as teenagers.

Accepted Answer

A) True 
 B)False

Question 6

Structural unemployment results when the number of jobs is insufficient for the number of workers.

Accepted Answer

A) True 
 B)False

Question 7

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 $10, how many people would be unemployed?

Accepted Answer

A)   0
B)   10,000
C)   20,000
D)   40,000E) All of the above
F) B) and C)

Question 8

Workers waiting for jobs to open up is most closely associated with

Accepted Answer

A)   cyclical unemployment.
B)   frictional unemployment.
C)   seasonal unemployment.
D)   structural unemployment.E) A) and B)
F) A) and C)

Question 9

Table 28-9
The table below lists the number of people by labor force classification for the country of Shelbyville.
 
-Refer to Table 28-9. What is the unemployment rate?

Accepted Answer

The answer of Table 28-9
The table below lists the number...

Question 10

Figure 28-3 
-Refer to Figure 28-3. If the government imposes a minimum wage of $8, then unemployment will increase by

Accepted Answer

A)   0 workers.
B)   2,000 workers.
C)   4,000 workers.
D)   7,000 workers.E) A) and B)
F) B) and C)

Question 11

Every adult who was not employed during the previous four weeks is included in the Bureau of Labor Statistics' "unemployed" category.

Accepted Answer

A) True 
 B)False

Question 12

In 1914, Henry Ford began paying his workers $5 per day, about twice the going wage. As a result, turnover and absenteeism fell and productivity and profits rose.

Accepted Answer

A) True 
 B)False

Question 13

Today, the four industries with the largest employment in the United States are autos, aircraft, communications, and electrical components.

Accepted Answer

A) True 
 B)False

Question 14

Efficiency-wage theory suggests that paying

Accepted Answer

A)   low wages might be profitable because they raise the efficiency of a firm's workers.
B)   low wages might be profitable because they lower the efficiency of a firm's workers.
C)   high wages might be profitable because they raise the efficiency of a firm's workers.
D)   high wages might be profitable because they lower the efficiency of a firm's workers.E) A) and D)
F) A) and C)

Question 15

Which of the following is correct?

Accepted Answer

A)   In unionized industries, wages are below the level that would prevail in competitive markets.
B)   The introduction of a union in an industry increases the quantity of labor demanded in that industry, causes some workers in that industry to be unemployed, and increases 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) B) and C)

Question 16

The unemployment that results from the process of matching workers and jobs is called frictional unemployment.

Accepted Answer

A) True 
 B)False

Question 17

There is a clear consensus among economists that unions are

Accepted Answer

A)   good for the economy because they result in higher wages for most workers.
B)   good for the economy because they are a necessary antidote to the market power of employers.
C)   bad for the economy because they are cartels and therefore detrimental to an efficient allocation of resources.
D)   None of the above is correct; there is no clear consensus among economists about whether unions are good or bad for the economy.E) C) and D)
F) B) and C)

Question 18

Which of the following is not a commonly-cited explanation for the decreasing labor-force participation rates for men from 1950 to the present?

Accepted Answer

A)   availability of reliable birth control
B)   men acquiring additional years of schooling before entering the labor force
C)   a preference for men to retire when younger
D)   changing social attitudes about stay-at-home fathersE) All of the above
F) B) and D)

Question 19

Which of the following is not one of the categories into which the Bureau of Labor Statistics places each adult of each surveyed household?

Accepted Answer

A)   employed
B)   unemployed
C)   underemployed
D)   not in the labor forceE) A) and B)
F) A) and C)

Question 20

According to 2012 data on the U.S. population, which of the following groups of teenagers ages 16-19)  had the lowest unemployment rate?

Accepted Answer

A)   white males
B)   white females
C)   black males
D)   black femalesE) B) and C)
F) A) and C)

Exam 15: Unemployment

Figure 28-3 -Refer to Figure 28-3. If the government imposes a minimum wage of $8, then unemployment will increase by

Correct Answer
verified

Today, the four industries with the largest employment in the United States are autos, aircraft, communications, and electrical components.

Correct Answer
verified

Workers waiting for jobs to open up is most closely associated with

Correct Answer
verified

Adults who were not working but who had jobs from which they were temporarily absent are included in the Bureau of Labor Statistics' "employed" category.

Correct Answer
verified

Structural unemployment results when the number of jobs is insufficient for the number of workers.

Correct Answer
verified

Minimum-wage laws matter most for the least skilled and least experienced members of the labor force, such as teenagers.

Correct Answer
verified

In 1914, Henry Ford began paying his workers $5 per day, about twice the going wage. As a result, turnover and absenteeism fell and productivity and profits rose.

Correct Answer
verified

According to 2012 data on the U.S. population, which of the following was correct for the adult population of prime working age, ages 25-54?

Correct Answer
verified

Which of the following is not one of the categories into which the Bureau of Labor Statistics places each adult of each surveyed household?

Correct Answer
verified

Every adult who was not employed during the previous four weeks is included in the Bureau of Labor Statistics' "unemployed" category.

Correct Answer
verified

Efficiency-wage theory suggests that paying

Correct Answer
verified

The unemployment that results from the process of matching workers and jobs is called frictional unemployment.

Correct Answer
verified

There is a clear consensus among economists that unions are

Correct Answer
verified

Which of the following is correct?

Correct Answer
verified

Table 28-9 The table below lists the number of people by labor force classification for the country of Shelbyville. -Refer to Table 28-9. What is the unemployment rate?

Correct Answer
verified

Which of the following is not a commonly-cited explanation for the decreasing labor-force participation rates for men from 1950 to the present?

Correct Answer
verified

According to 2012 data on the U.S. population, which of the following groups of teenagers ages 16-19) had the lowest unemployment rate?

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

Correct Answer
verified

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 $10, how many people would be unemployed?

Correct Answer
verified

Exam 15: Unemployment

Figure 28-3 -Refer to Figure 28-3. If the government imposes a minimum wage of $8, then unemployment will increase by

Correct AnswerverifiedShow Answer

Today, the four industries with the largest employment in the United States are autos, aircraft, communications, and electrical components.

Correct AnswerverifiedShow Answer

Workers waiting for jobs to open up is most closely associated with

Correct AnswerverifiedShow Answer

Adults who were not working but who had jobs from which they were temporarily absent are included in the Bureau of Labor Statistics' "employed" category.

Correct AnswerverifiedShow Answer

Structural unemployment results when the number of jobs is insufficient for the number of workers.

Correct AnswerverifiedShow Answer

Minimum-wage laws matter most for the least skilled and least experienced members of the labor force, such as teenagers.

Correct AnswerverifiedShow Answer

In 1914, Henry Ford began paying his workers $5 per day, about twice the going wage. As a result, turnover and absenteeism fell and productivity and profits rose.

Correct AnswerverifiedShow Answer

According to 2012 data on the U.S. population, which of the following was correct for the adult population of prime working age, ages 25-54?

Correct AnswerverifiedShow Answer

Which of the following is not one of the categories into which the Bureau of Labor Statistics places each adult of each surveyed household?

Correct AnswerverifiedShow Answer

Every adult who was not employed during the previous four weeks is included in the Bureau of Labor Statistics' "unemployed" category.

Correct AnswerverifiedShow Answer

Efficiency-wage theory suggests that paying

Correct AnswerverifiedShow Answer

The unemployment that results from the process of matching workers and jobs is called frictional unemployment.

Correct AnswerverifiedShow Answer

There is a clear consensus among economists that unions are

Correct AnswerverifiedShow Answer

Which of the following is correct?

Correct AnswerverifiedShow Answer

Table 28-9 The table below lists the number of people by labor force classification for the country of Shelbyville. -Refer to Table 28-9. What is the unemployment rate?

Correct AnswerverifiedShow Answer

Which of the following is not a commonly-cited explanation for the decreasing labor-force participation rates for men from 1950 to the present?

Correct AnswerverifiedShow Answer

According to 2012 data on the U.S. population, which of the following groups of teenagers ages 16-19) had the lowest unemployment rate?

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

Correct AnswerverifiedShow Answer

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 $10, how many people would be unemployed?

Correct AnswerverifiedShow Answer

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Standard economic theory suggests that i...
View Answer

Correct Answer
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Correct Answer
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